The American Forest & Paper Association (AF&PA), Washington, D.C, USA, President and CEO Donna Harman this past week issued the following statement in regard to the bill (S.2478) introduced by U.S. Senators Patty Murray (D) and Susan Collins (R), which would preserve the Tax Time Savings Bond program. The program allows taxpayers the option to receive their tax refunds in the form of a paper U.S. savings bond and was set to expire at the end of the 2016 tax season. The U.S. Treasury Department ended the over-the-counter sale of paper savings bonds in 2012 and this program is now the only way to obtain a paper savings bond.

"Increasingly, government agencies – from the U.S. Department of Treasury to the Internal Revenue Service and the Securities and Exchange Commission – are making moves to deny individuals’ access to paper-based versions of important financial information and services, often without Congressional oversight or public input. Since the U.S Department of Treasury switched to online savings bonds, federal savings bond sales have plummeted from $1.7 billion in fiscal 2011 to $719 million in fiscal 2013.

"Many Americans prefer not to use online services and have concerns about online security. AF&PA thanks Senators Murray and Collins, and the other original cosponsors Senators McCaskill, King, and Moran, for their efforts to protect the right of all U.S. citizens to have access to paper savings bonds as an investment tool, especially those who don’t have a bank account or regular access to the Internet."