Your Weekly Advisor Update

A Note From Korrena:

It says a lot that when you take a flight these days, you feel lucky if you make it from A to B with minimal delays.

As consumers, we should expect a lot more given how much we pay for airline tickets (and the billions in profits that are swelling airlines’ coffers.)

The Biden administration agrees. It has been pressuring airlines to make big changes and some may already be improving your travels. In recent months, many major airlines have changed their family seating policies so that the traveling adult can be guaranteed an adjacent seat to their kid age 13 and under for no additional charge. And there’s more to come.

Enjoy the rest of your week!

Cheers,

Korrena

Korrena Bailie

   Editorial Director

      Forbes Advisor

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Biden Proposes Radical New Rules For U.S. Airlines  

It’s a hoary old tale: Your flight is canceled and if you don’t have travel insurance, you are typically forced to cover the costs of the consequences of that cancellation: Food, accommodation, transportation— and often much more.

If the Biden administration’s latest proposed rule goes through, it could radically change how we fly. It will also be a shock of cold water to airlines who have traditionally done little to help passengers after they cancel flights or experience system-wide issues that throw their flight schedules out of whack.

In a speech on May 8, President Joe Biden proposed that airlines would be responsible for covering the costs of passengers’ accommodation, meals, transportation (think taxis and rideshares) and rebooking fees in addition to a refund for their ticket costs, if the airline is to blame for the cancellation or delay.

And in many cases, flight disruptions are caused by factors within the airlines’ control. An April Government Accountability Office (GAO) report found that factors controlled by the airlines, such as airline maintenance or having adequate crew members, was the primary cause of cancellations during multiple high-travel periods post-pandemic.

“You deserve to be fully compensated…the impact on your life matters,” Biden said.

Here’s what else you should know
this week:

The U.S. Debt Ceiling, Potential Default And Government Shutdowns 

Congress has until June 1 to raise the national debt limit—or the U.S. could be thrown into default. Here’s what you need to know about the nation’s debt.

49% of Consumers Plan to Travel More in 2023   

The busy summer travel season is almost upon us and it might be even more crowded in airports this year. A Forbes Advisor survey found that nearly half of Americans plan to travel more in 2023 than last year.

I Tried SoFi’s No-Cost Financial Advisor Service And Was Pleasantly Surprised

SoFi now offers financial planning to its customers—but is it helpful? Our editor tested it out and the service went far beyond her (admittedly low) expectations. 

For many of us, travel is a part of our everyday lives and not just that big annual vacation: It’s taking the train to work. It’s catching a rideshare to meet friends. The American Express® Green Card recognizes and rewards travel of all kinds. 

Cardmembers earn 3 Membership Rewards® points per dollar spent on transit and travel. You can also earn 3 points per dollar spent on restaurants, turning even more daily experiences into rewards. (Terms apply.)

Also, you can earn a generous welcome bonus of 60,000 Membership Rewards® points after you spend $3,000 on purchases on the card in your first six months of card membership, plus 20% back on eligible travel and transit purchases made on your card in your first six months of card membership  (up to $200 in statement credits — terms apply). 

See how Green from Amex can help reward you for experiences, both extraordinary and everyday.

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