Fed's Gramlich-US may need to look at forced saving
Tue Mar 1, 2005 01:51 PM ET
WASHINGTON, March 1 (Reuters) - Federal Reserve Governor Edward Gramlich said on Tuesday the United States may need to examine the idea of forced savings at some point because of low savings levels.
When asked during a panel discussion at the Urban Institute in Washington his view of mandating savings for Social Security, Gramlich said he had put forward the idea when on a retirement task force in the mid-1990s but found it had little political support.
"I think at some point we're going to have to think seriously about that issue because it may be that we're just not, as a society and as individuals, putting aside enough," Gramlich said adding, "It's certainly an issue that ought to be discussed."
