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Press Release February 7, 2003
"Freedom Girls" fighting to save "Savings Bonds
Program"
Tulsa, OK- A local trio has spent the last year desperately trying to promote
the sale of " Patriot Bonds," Series EE savings bonds designed to
contribute to the government's fight against global terrorism. Now, the group
is taking on a battle it never saw coming- to keep the government from making
Patriot Bonds ( of which $1.98 million were sold lst Year) unavailable for
purchase.
Susan said her family was driven to make the effort by their strong patriotism
- and a little family history. In 1944, five-year-old Randi made the cover of
"Popular Photography" as a patriotic cherub touting war bonds - the
same age Anastasia was last year when "The Freedom Girls" began. In
recent months, the women have also created a $10 promotional poster that they
plan to use proceeds from to create inspirational war-bond postcards to mail
to the tens of thousands of U.S. soldiers stationed overseas.
However, the women have been fighting, mostly in vain, all year to find
sponsorship and support from the Treasury Dept., individuals or businesses
like banks- or even to gain national media attention.
Susan said her family has even offered to allow the Treasury Department the
use of their images and idea for free, but got a "No, thanks." They
were told banks didn't appear to be pushing the bonds because they don't make
any money from the sale. "It's going to cost America a lot of money to
continue to fight in Afghanistan or other places," Randi said. "This
Bond will help us do that." "And if people are against the
war," Susan added, " the bond also helps education. You can't be
against that, can you?"
Responding to pressure from an Oklahoma Congressman, Istook, to immediately
eliminate the savings bonds marketing and investor education program, the
Treasury Department's Bureau of the Public debt (BPD) bas submitted a request
to eliminate program funding in its fiscal year 2004 budget, which begins
October 1, 2003.
In an e-mail message to 137 employees who will lose their jobs over the next
eight months, BPD Commissioner Van Zeck said the reduction of funding is
targeted specifically at marketing support for U.S. savings Bonds. Van Zeck's
message acknowledged that "investor education and customer service for
the savings bonds program would still be Bureau responsibilities. "The
proposed budget would eliminate 41 small field offices, which are designed to
accomplish those very tasks," says Bill Pague, President of Nation al
Treasury Employees Union ( NTEU) chapter 269. "Clearly the intent is to
do away with the savings bonds Program as we know it."
Ernest Istook, the Oklahoma Congressman that favors eliminating the Savings
Bonds Program, views the amount of debt financed by bonds as insignificant and
too costly to maintain. "This flies in the face of a financial model
developed by the Treasury department in the 1980's that says the program is
cost effective when compared to long term borrowing costs of Treasury
marketable securities", said Pogue. "We should give the Government
Accounting Office an opportunity to review that model per the Congressman's
request."
Americans hold more than $195 billion in U.S. Savings Bonds, approximately 3%
of the publicly held portion of the nation's debt. Almost $10 billion were
purchased lst year, a 33% increase over the previous fiscal year.
Congressman Istook is known to the Freedom Girls and NTEU circles as "the
man who would kill savings bonds". If Congress and the Bush
administration doesn't take another look at this soon, it will be the man, The
party, and the administration who killed savings bonds", said Pogue.
Republicans hold the future of savings bonds in their hands now."
"They will kill the common person's way of investing in America and
ultimately affect our children's future," said Susan.
The U.S. Savings Bond program is a patriotic icon and symbol of American
strength and unity that was introduced as "defense bonds" in 1941
and soon become the famous WWII "war bond". Susan expresses,
"The ultimate irony is that as we are being asked to rally around the
flag and show patriotism, that very patriotism is being jeopardized.
We need to keep our children's future in our hands and support The Savings
Bond Programs."
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