(May 25th, 2012) What do a non-profit dedicated to encouraging savings among low income earners, an industry group focused on preventing the government from going completely paperless, and two financial information websites have in common?
They are all opposed the elimination of paper savings bonds.
As of January 1st, 2012, the US Treasury Department ended the sale of paper savings bonds. There was no public hearing or debate. This was a unilateral action by the Treasury Department made without any large-scale effort to obtain feedback from the general public.
Since then the public has responded. As of May 24th 2012, the Bring Back Paper Savings Bonds Petition has, collected almost 4000 signatures.
The petition simply states:
We respectfully ask the Treasury Department to bring back paper US Savings Bonds and restore this American Tradition. We believe that the Treasury Department’s actions to end the ability to buy paper savings bonds on January 1st, 2012 was a mistake. With your help, this mistake can be reversed.
The petition effort was started by bond education site Learn Bonds in the beginning of the year, and quickly joined by SavingsBonds.com. SavingsBonds.com turbo-charged the petition effort by launching the Bring Back Paper Savings Bonds website, and launching an e-mail marketing effort.
In April, the organization Consumers For Paper Options expressed support for the bring back paper savings bonds petition. Executive Director, John Runyan stated:
“Eliminating paper savings bonds is just the latest example of the government being penny wise, but pound foolish. To save a few million dollars in printing costs, they have lost millions if not billions of dollars in sales to individuals who are not comfortable enough with computers to continue investing in one of the nation’s time honored savings vehicles. With 30% of US Households without internet access, the government would be wise to reinstate paper savings bond sales.”
Those interested in supporting the petition can sign the petition at the Bring Back Paper Savings Bonds website.