Raise My Interest Rates

Last February I started my first online Petition, "Raise the Savings Interest Rate!"

As of today, there are 235 e-signatures on the petition, many with comments. This issue impacts Seniors who have lost not only their retirement interest income, but also a chunk of their retirement income just to get by. Savers of all ages are impacted by the FOMC's Zero Percent Savings Interest Rate Policy.

This issue is important because financial institutions are represented in the Federal Reserve Banking System that makes monetary policy, which benefits the banks and punishes consumers.

Senator Bernie Sanders introduced "Federal Reserve Independence Act" S.3219 to prohibit banking industry executives from serving as directors of the 12 Federal Reserve regional banks. The recent multi-billion-dollar trading loss at JPMorgan Chase underscored the need to structurally reform the Federal Reserve System to make a more democratic institution responsive to the needs of ordinary Americans, not just Wall Street CEOs."It is a blatant conflict of interest for Jamie Dimon, the CEO and chairman of JPMorgan Chase, to serve on the New York Fed's board of directors," Sanders said. "If this is not a clear example of the fox guarding the henhouse, I don't know what is." [End Fed Conflicts by Senator Bernie Sanders, May 30, 2012].

http://signon.org/sign/the-feds-zero-percent is the URL for my "Raise the Savings Interest Rate!" petition.

It is my hope that you do feel that the lives of ordinary people destroyed by decisions made by banking industry executives is important enough to help out by signing the petition to "Raise the Savings Interest Rate!" online with your comments.

Elle Stockton of CA 10:52PM May 30, 2012

Excellent article that really, "tells it like it is". I seriously think what Mr. Bernanke is doing to responsible seniors borders on the criminal. Carefully laid retirement plans are going up in smoke so we can bail out the banksters and compensate for runaway government spending (and cushy government pensions).

Seriously, my retirement income is 60% less now than I had conservatively anticipated. My children (who worked very hard to be financially successful...I don't begrudge them their successes) have been able to refinance their multiple properties at 3.9%!! It's just not right...

GMA of IL 11:21PM December 18, 2011