Sheila Bair, Witness at the Senate subcommittee hearing on "The Federal Government's Role in Empowering Americans to Make Informed Financial Decisions" talk about how Americans need to save their money.

Bair says that new technology and market innovations have given more choices to consumers. Most of them are delivered outside of traditional bank branches, such as electronic payments replacing cash and checks. Competition and innovation gives consumers more choices at lower prices. This has made it very complicated to open a bank account or to take out a loan. This is not beneficial for, the consumers, the lenders the banks or the US economy. Bair ends with saying that we are a nation that is great at spending our money but has forgotten how to save them. (0:42)
Listen