Meek introduces war bonds legislation

Calling for “shared sacrifice and responsibility” in America’s ongoing war efforts, Congressman Kendrick Meek recently introduced legislation to authorize war bond sales for the first time since World War II.

"At a time of tremendous sacrifice for our military families, we need to promote shared sacrifice and shoulder collective responsibility as a nation as we fight two wars halfway across the globe," Meek said. "War bonds are a cost-effective way to reduce our dependence on foreign creditors and create an outlet for Americans to express their patriotism and support for our service members as well as the security mission for which they are deployed."

The companion legislation to Meek's bill was introduced by Sen. Ben Nelson (D-NE). The legislation comes on the heels of estimates that the cost of supporting an American soldier in Afghanistan, including housing, food, equipment, training, and transportation, approaches $1 million per year. Meek touts his bond bill as an alternative to proposals to support America’s wars in Afghanistan and Iraq by raising taxes .

The United States last issued war bonds during World War II. These debt securities financed overseas military operations and provided the American people an outlet on the home front for supporting our servicemen and women. President Franklin D. Roosevelt bought the first Series 'E' U.S. Savings Bond from Treasury Secretary Henry Morgenthau in May 1941.

U.S. Savings bonds are considered some of the safest investments in the world and backed by the full faith and credit of the U.S. government. The bonds are available in predetermined denominations and mature over a period of time with accruing interest. After a number of years the owner of the bond can collect the face value of the bond plus interest.