Bring Back Paper US Savings Bonds Petition
Since 1935, Americans have been able to purchase paper savings bonds. This American tradition has unfortunately been ended by the US Treasury Department.
As a cost savings measure, the US Treasury eliminated the sale of new paper savings bonds as of January 1st, 2012. This measure is expected to save the US government about $14 million per year in processing costs, or roughly half the cost of one F-16 jet fighter.
However, we believe that this relatively meager savings by US government standards does not equal the loss of benefits to the American people. Paper savings bonds play an important role in teaching young people about saving money.
Over 50 million Americans hold paper saving bonds. For many of these people (including myself), a savings bond served as introduction to the idea of saving money and earning interest. Paper savings bonds with their distinctive look and feel capture the attention of the young and serve as a launching point for discussions about money between parent and child.
We respectfully ask that the Department of The Treasury bring back paper savings bonds and keep this American tradition alive.
Savings Bonds are financial products geared to the needs of lower and middle-class Americans. The majority of savings bonds (over 87%) in 2011 were purchased in a paper format. By making it less convenient (eliminating the primary way these bonds are purchased), The Treasury Department will be discouraging savings.
Again, we respectfully ask that the Treasury Department bring back paper savings bonds.