Somehow Comptroller of the Currency John Dugan didn’t get the message from Team Obama about encouraging consumers to spend. As you know the Administration’s economic advisers see vigorous consumer spending as the solution for overcoming our recession. Consumer spending formerly represented 70% of the economy.
Apparently the consumers are getting the message without Mr. Dugan’s help since personal savings have been increasing since the economy tanked:
I agree with Mr. Dugan that we all ought to be saving more in order to protect our personal financial well being:
WASHINGTON — Comptroller of the Currency John C. Dugan today issued the following statement in recognition of America Saves Week, February 21 – 28, 2010:
Encouraging and increasing saving is important to both consumers and financial institutions. Opening a savings account is the first step in helping a consumer achieve his or her financial goals, such as purchasing a home, creating a college or emergency fund, or retirement. Over time, saving allows consumers to accumulate assets, build wealth and feel financially secure.
I commend the Consumer Federation of America for its ongoing efforts with the America Saves Week campaign. I also want to recognize the commitment of national banks across the country to encourage saving as a way to create economic stability and to expand financial services in their communities.