I 

117TH CONGRESS 

2D SESSION H. R. 7005 

To require the Secretary of the Treasury to conduct a study on the effects 

of inflation on the savings of individuals in the United States, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 9, 2022 

Mr. MOONEY introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Ways 

and Means, for a period to be subsequently determined by the Speaker, 

in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To require the Secretary of the Treasury to conduct a study 

on the effects of inflation on the savings of individuals 

in the United States, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Protecting Americans’ 

5 Savings Act of 2022’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


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1 (1) High inflation erodes the earnings and sav2 ings of hard-working individuals across the United 

3 States. 

4 (2) The Consumer Price Index rose 7.5 percent 

5 from January 2021 to January 2022, which is the 

6 largest increase in a 12-month period in over 30 

7 years. 

8 (3) The current environment, where high infla9 tion is paired with low interest rates, pushes real 

10 savings yields deep into negative territory. 

11 (4) While the yield of a 1-year Treasury bill in 

12 January 2022 was 0.5 percent, the real yield of the 

13 bill was negative 7 percent. 

14 (5) Negative savings returns adversely affect all 

15 who save, especially retirees and those who rely on 

16 savings to build wealth or to prepare for large ex17 penses, such as college tuition or a down payment on 

18 a home. 

19 SEC. 3. STUDY ON IMPACT OF INFLATION ON SAVINGS. 

20 (a) STUDY.—The Secretary of the Treasury shall 

21 conduct a study to— 

22 (1) examine the effects of inflation on the real 

23 value of savings and the incentive to save for indi24 viduals in the United States, including an analysis 

25 of— 


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1 (A) whether low or negative real returns 

2 affect savings rates; 

3 (B) how negative real interest rates affect 

4 individuals living on fixed incomes, such as re5 tirees; 

6 (C) how negative real interest rates affect 

7 economic mobility; 

8 (D) the aggregate loss of purchasing power 

9 of savings that is attributed to inflation with re10 spect to common savings tools, including Treas11 ury bonds, bills, and notes, interest on savings 

12 accounts, money market accounts and funds, 

13 and certificates of deposit; and 

14 (E) how inflation will affect savings re15 turns over the next 5 years; and 

16 (2) assess the feasibility and impact of raising 

17 the current limit, per individual, on purchases of in18 flation-protected Series I bonds issued by the De19 partment of the Treasury. 

20 (b) REPORT.—Not later than 30 days after the date 

21 of enactment of this Act, the Secretary shall submit to 

22 the Committee on Financial Services of the House of Rep23 resentatives and the Committee on Banking, Housing, and 


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1 Urban Affairs of the Senate a report on the results of the 

2 study required under subsection (a). 

Æ 


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