Ohio State Treasurer Richard Cordray has proposed a system to help Ohioans earn more on their savings accounts.
He proposed on Wednesday to invest $25 million dollars of the state’s funds in banks, which would boost linked savings accounts up to 3% on returns.
This could mean Ohioans would invest their money and get back 5%-7% on their accounts each year.
Ohio would make its money back, according to Cordray.
The proposal would still have to pass the Ohio legislature. If it does, it would be the first program of its kind in the United States.
