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REINVENTING SAVINGS BONDS

Peter Tufano is the Sylvan C. Coleman Professor of Financial Management at the Harvard Business School and a senior associate dean at the school. He is a research fellow at the National Bureau of Economic Research and the founder of D2D fund, a nonprofit organization. Daniel Schneider is a research associate at Harvard Business School. Savings bonds have always served multiple objectives: funding the U.S. government, democratizing national financing, and enabling families to save. Increasingly, the authors write, that last goal has been ignored. A series of efficiency measures introduced in 2003 make these bonds less attractive and less accessible to savers. Public policy should go in the opposite direction: U.S. savings bonds should. | tax nalysts 4 special report REINVENTING SAVINGS BONDS By Peter Tufano and Daniel Schneider Peter Tufano is the Sylvan C. Coleman Professor of Financial Management at the Harvard Business School and a senior associate dean at the school. He is a research fellow at the National Bureau of Economic Research and the founder of D2D fund a nonprofit organization. Daniel Schneider is a research associate at Harvard Business School. Savings bonds have always served multiple objectives funding the U.S. government democratizing national financing and enabling families to save. Increasingly the authors write that last goal has been ignored. A series of efficiency measures introduced in 2003 make these bonds less attractive and less accessible to savers. Public policy should go in the opposite direction U.S. savings bonds should be reinvigorated to help low- and moderate-income LMI families build assets. More and more those families saving needs are ignored by private-sector asset managers and marketers. With a few relatively modest changes Tufano and Schneider explain the savings bonds program can be reinvented to help those families save while still increasing the efficiency of the program as a debt management device. Savings bonds provide market-rate returns with no transaction costs and are a useful commitment savings device. The authors proposed changes include a allowing federal taxpayers to purchase bonds with tax refunds b enabling LMI families to redeem their bonds before 12 months c leveraging private-sector organizations to market savings bonds and d contemplating a role for savings bonds in the life cycles of LMI families. The authors would like to thank officials at the Bureau of Public Debt BPD for their assistance locating information on the savings bonds program. They would also like to thank officials from BPD and Department of Treasury Fred Goldberg Peter Orszag Anne Stuhldreher Bernie Wilson Lawrence Summers Jim Poterba and participants at the New America .