Memorandum on the Appointment of Chairman and Vice Chairman of the Interdepartmental Savings Bonds Committee

Memorandum to the Heads of Departments and Agencies

I have appointed the Secretary of Commerce, Maurice H. Stans, as Chairman of the Interdepartmental Savings Bonds Committee, and the Secretary of Defense, Melvin Laird, as Vice-Chairman.

The Savings Bonds program is, as you know, one of our most useful tools in the management of the public debt, and serves as an important stabilizing force in the economy. Thus it plays a key role in implementing the policies and programs of the government in the fiscal area.

The program has also made a major contribution to the financial security of individuals, providing a safe and convenient way of accumulating reserves for the future while at the same time offering citizens the opportunity of direct participation in their country's financial affairs.

It is entirely appropriate that employees of the Federal government take leadership in the purchase of Savings Bonds through the Payroll Savings Plan. As participants in the operations of the government, they have a special stake in seeing that our programs are soundly financed, as well as in setting an example for the public at large in the purchase of these shares in our country's future.

Thus the members of the Interdepartmental Savings Bonds Committee have a special responsibility to see that the Departments and Agencies which they head achieve and maintain a high record of employee participation in the Payroll Savings Plan. Under their leadership and encouragement I am certain that employees will respond with enthusiasm and that thus together we may attain a new high level of participation.

RICHARD NIXON