Memorandum From the President on the United States Savings Bonds Program

Memorandum for the Heads of Executive Departments and Agencies

The U.S. Savings Bonds Program has played an important role in sound debt management and in our continuing efforts to help control inflation. Over $80 billion in Savings Bonds are currently held by Americans.

In 1980, the Savings Bonds Program will assume an additional purpose. The new Series EE Savings Bonds, which will be introduced to payroll sales during the first six months of 1980, will be designated U.S. Energy Savings Bonds, Series EE.

While helping to finance the large Federal energy expenditure required in the coming years, U.S. Energy Savings Bonds will also help to focus the country's attention on the national goals of reducing energy consumption and increasing domestic supplies.

Series EE Savings Bonds not only offer increased benefits to the country as .a whole but to each individual saver as well. The interest rate on these securities will be increased from 6.5 percent to 7 percent for Bonds held for the full 11 years to maturity.

I believe it is appropriate for employees of the Federal Government to take the leadership responsibility in furthering the sale of U.S. Energy Savings Bonds. We must set the example for all Americans to follow.

Consequently, I have appointed Secretary of Defense Harold Brown to serve as Chairman of the Interagency Savings Bonds Committee.

The introduction this year of the U.S. Energy Savings Bonds, Series EE not only presents new challenges, but also new opportunities for close cooperation at all levels of government.

Secretary Brown and the members of the Committee have a special duty to ensure that all Departments and Agencies complete the transition to U.S. Energy Savings Bonds, Series EE smoothly and effectively, maintaining a high record of employee participation in the Savings Bonds Program.

Secretary Brown has my full support in undertaking this new responsibility. In turn, I want him to be able to count on your full support through your active personal involvement in this year's payroll savings campaign in your agency.

JIMMY CARTER