Lawmakers blame big bank CEOs for failing to raise interest rates on savings

Lawmakers blame big bank CEOs for failing to raise interest rates on savings

Congressional lawmakers criticized U.S. bankers this week for failing to raise interest rates on savings accounts held by ordinary consumers despite a series of major federal funds rate hikes by the Federal Reserve. Interest rate hikes by the Fed make it more expensive for banks and other financial institutions to borrow money from each other, …

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