A bill to amend the Second Liberty Bond Act to provide that individuals age sixty-five or older who purchase certain United States savings bonds shall be paid a rate of interest which is 2 per centum higher than the rate of inflation.

Summary

Amends the Second Liberty Bond Act to authorize the Secretary of the Treasury to issue to any individual 65 years of age or older up to $3,000 in savings bonds which mature no later than six months from the date of purchase. Establishes the investment yield on such bonds upon redemption or at maturity at either two percent above the percentage increase in the consumer price index during the period most closely corresponding to the holding period of the bond, or the maximum investment yield allowed by law, whichever is greater. Limits the total amount of such bonds which may be issued and outstanding at any time to $20,000,000,000.

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1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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