Memorandum About the Federal Payroll Savings Plan

Memorandum to the Heads of Departments and Agencies

By Executive Order [11532], which I have signed today, I have made several changes in the Interdepartmental Committee for Voluntary Payroll Savings Plan for the Purchase of United States Savings Bonds. These changes should result in a more efficient operation of the Federal Payroll Savings Plan.

Savings Bonds have long played a vital role in the management of the national debt by non-inflationary means. The more than $52 billion now outstanding amounts to nearly one-fourth of the privately held portion of the debt.

This Administration is dedicated to sound financial management. I urge each of you to give your full support to the Payroll Savings Plan.

RICHARD NIXON