MI SR0105

The U.S. Department of Treasury's Bureau of the Public Debt ended the sale of paper savings bonds at financial institutions effective January 1, 2012, as part of a shift toward electronic transactions to reduce printing and management costs.

Paper savings bonds served important functions beyond savings, including introducing financial literacy to young citizens and maintaining the tradition of grandparents gifting bonds for college savings.

More than a quarter of Americans lack regular internet access, with rates twice as high among lower-income populations who are most in need of savings encouragement and financial literacy support.

Requests that Congress and the U.S. Department of Treasury restore the option to purchase paper savings bonds at any time through financial institutions.

Directs copies of this resolution be sent to the President of the U.S. Senate, Speaker of the U.S. House of Representatives, Michigan's congressional delegation, and the Secretary of the Treasury.