Memorandum to Federal Agencies Concerning the Voluntary Payroll Savings Plan for the Purchase of U.S. Savings Bonds.

Memorandum to the Heads of Departments and Agencies:

I have this day issued an executive order establishing the Inter' departmental Committee for the Voluntary Payroll Savings Plan for the Purchase of United States Savings Bonds.

This Committee provides a vehicle for the effective promotion of the Payroll Savings Plan. The maintenance of stability in the economic life of the individual, the community and the Nation, is well served by the widespread distribution of the national debt through the purchase of United States Savings Bonds by the people. It is important to the welfare of our country that this support of the national debt-management function be continued and fostered to the greatest extent possible. Federal employees should be encouraged to maintain their leadership in the purchase of Savings Bonds through the Payroll Savings Plan and thus by example give impetus to the movement throughout the business and industrial structure.

The functions of the said Committee are, in general, the same as those performed by the Interdepartmental Committee for the Peacetime Voluntary Payroll Savings Plan for the Purchase of United States Savings Bonds established by Executive Order No. 9953 of April 23, 1948. That order, which is superseded by the order issued today, designated Edward F. Bartelt, Fiscal Assistant Secretary of the Treasury, as Chairman of the committee established by it. Mr. Bartelt served as Chairman of the Committee until his recent retirement from the Government service.

The new order provides that the Chairman of the committee established thereby shall be appointed by the President. I have appointed Mrs. Ivy Baker Priest, Treasurer of the United States, as Chairman of the Interdepartmental Committee for the Voluntary Payroll Savings Plan for the Purchase of United States Savings Bonds. I urge that each of you give Mrs. Priest your full support and cooperation in carrying on the work of the Committee.

DWIGHT D. EISENHOWER