WASHINGTON, DC – Today, Congressman Alex X. Mooney, member of the House Financial Services Committee, introduced the “Protecting Americans Savings Act.” The bill will require the Secretary of Treasury to investigate the effects of inflation on the savings of the American people. The Biden Administration spent more than $3 trillion in the last year and the price of gasoline and consumer goods are at record highs. Inflation poses a serious threat to savings accounts. This squeezes seniors in states like West Virginia the most as many are on a fixed income.
“The American people have been feeling the impact of high inflation fueled by the Biden Administration’s reckless spending over the past year,’ said Rep. Alex X. Mooney. “I am urging the Treasury Department to investigate the effects of inflation on savings accounts to protect the American people in hopes to assist their wallets rather than hurt them. The results of this study can help the government make financial decisions in a fiscally responsible way for the future,” added Congressman Alex Mooney.
The current savings environment, where interest rates are low and inflation is growing, is worth further examination. All Americans who rely on savings to help pay for large purchases, such as college tuition or a down payment on a home; saving for retirement; or for financial emergencies are losing purchasing power on Treasury bonds, certificates of deposit, and money market accounts. Protecting the returns of seniors and all American families who have saved for their future can succeed through the Protecting Americans Savings Act.
To learn more, please see my letter to the editor published in the Wall Street Journal HERE.