What’s a Gulf Coast Recovery Bond?
Thursday, March 30th, 2006
Categorized as: Savings Bond history • Series I US Savings Bonds
Paper Series I bonds purchased through the end of 2006 from financial institutions (rather than through Payroll Savings Plans) will be inscribed with the words Gulf Coast Recovery Bond, according to a Treasury press release issued yesterday.
Treasury is designating Series I inflation-indexed savings bonds purchased through financial institutions as “Gulf Coast Recovery Bonds” to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning, today, March 29, through December 2006 paper Series I saving bonds will be specially inscribed with the legend “Gulf Coast Recovery Bond.”
The Gulf Opportunity Zone Act of 2005 contained a provision sponsored by Rep. Hal Rogers of Kentucky encouraging Treasury to make this designation. “We’ve seen an amazing outpouring of generosity from all across the nation to our fellow citizens affected by the storms,” said Treasury Secretary John W. Snow. “The Gulf Coast Recovery Bond designation symbolizes the efforts of our nation’s citizens and their government to rebuild communities along the Gulf coast.”
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Tom Adams
Appears to be a marketing gimmick of similar magnitude as the double face value of EE bonds. Of course the Treasury knows by now that I bond rates will suck for the rest of the year, so they appeal to our emotions and good hearts and call them Gulf Coast Recovery Bond. They are rightfully so named with an anticipated dismal return for 2006, because when squandering money on maintaining thousands of empty trailers in the mud in Hope, Arkansas you can’t expect to get much utility out of the bond.
The Louisville Courier-Journal reports that Congressman Rogers, a Republican, bought the first one. The history books say that much was made of President Franklin Roosevelt, a Democrat, buying the first Series E Savings Bond in May 1941.
Congrats to Congressman Rogers, I hope he did his homework and is not surprised when his 6.7% return goes to 2% on Sept 1. Then again, he only got a $100 bond, I’m sure he knows why he didn’t get a $10,000 bond. Certainly a good move by the Congressman to get it March 29, to get March’s interest for free.
I sure hope the Treasury will give me a nice incentive (fixed *cough* rate *cough*) to also get a Gulf Coast Recovery Bond, especially since my girlfriend lives on the coast and evacuated from Hurricane Rita. I also got a $100 EE Patriot Bond back when they were first designated as such. Who knows, maybe one distant day they’ll become collectors items?
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