With low interest rates costing savers billions of dollars, the government should step in and offer 5 percent bonds to certain people, the CEO of Levin Capital Strategies said Wednesday.
"Low interest rates did make sense in the financial crisis. Low interest rates did make sense when balance sheets were impaired," John Levin told CNBC's "Closing Bell."
"I think they've now, at least ... gotten to a counterpoint that is scaring people who are living longer and scared about their money."
After keeping rates near zero for years, the Federal Reserve hiked its interest rate target a quarter point in December. It was the first such move since June 29, 2006.