On 2-12-25, the following letter was written by the Enlightened Prisoner.
February
12, 2025
Senator Elizabeth Warren
311 Hart
Senate office Bld.
Washington,
D.C. 20510
Like most citizens, my income, (I’m a retired pensioner), is only sufficient to cover a portion of my daily expenses and what I may occasionally direct to savings for emergency purposes is minuscule. As you are also aware, the federal licensed banking institutions are paying me a totally insignificant interest for checking and passbook savings amounts I keep for ready payment of regular or unforeseen expenses.
Yet, those same banking institutions are paying premium interest rates on their stocks and bonds for those wealthy enough to afford them. And, in the case of most all those investment securities, the people and wealth management companies holding them had nothing to do with the initial purchase the securities represent for an investment in the bank’s economic operations.
My deposits in checking and savings accounts, however, represent on-going revenue for banking institutions to finance their daily operations and loan opportunities. So, would it not seem fair that my interest in financing their daily revenue should be at least comparable to the interest they pay for those investment securities that represent initial purchase when the stocks and bonds increased value since purchase has no effect on those daily banking needs?
I’m sure there are statistical records that would support my argument, but I will leave that to your expertise of our country’s financial snapshot for our economic playing field. My idea for this suggestion was born in watching Robert Reich’s film, “Inequities for All” and respect for the concern you have consistently shown for matters affecting the economy was responsible for directing the idea to you.
Thank you for the time taken to read my recommendation and thank you for your service in Congress that means so much in being a voice for middle class citizens.
George O Ray
PO Box
1416. Allyn, WA 98524-1416
(360)
275-1710
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