In the current economy, banks and other financial institutions (such as credit unions and savings and loans) are paying less than 1% for certificates of deposits of several months. Many are paying 2% or less for long term CDs of many years. This is hurting retiree income as well as families trying to save for retirement, education, etc. If financial instutions were required to pay no less than a certain rate of say-3%--that would ensure that families and retirees could earn AT LEAST a specific rate of return for which they can budget.
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