Statement by the President Upon Signing Law Permitting Increase in Interest Rate on Series E and H Savings Bonds.

I HAVE just signed the law which will permit the Treasury to increase to 3 1/4 percent the interest rate on current and future purchases of Series E and H savings bonds.

In a comparatively short span of years, the United States savings bonds program has become an integral part of the American way of life. It has taught countless Americans how to save. It has enabled young men and women to enjoy higher education. It has furnished the down payment for new homes and for new businesses. For many persons, it has made possible a more comfortable and secure retirement. It has provided protection against unexpected adversity for millions of our citizens.

Today, 40 million Americans own over $41 billion in Series E and H bonds. We want to see more people continually buying more bonds so that savings bonds provide even greater financial protection for our people in the years ahead and, at the same time, help assure the economic stability of our country.

I invite every citizen to take advantage of the opportunity of investing in the now better-than-ever United States savings bonds.