FROM THE OFFICE OF PUBLIC AFFAIRS

Secretary of the Treasury Paul H. O'Neill and U.S. Treasurer Rosario Marin today unveiled Series EE savings bonds designated as "Patriot Bonds" on the three-month anniversary of the September 11, 2001 terrorists attacks. They were joined by Sens. Tim Johnson, Mitch McConnell and Conrad Burns. Rep. John Sweeney, who also worked on the Patriot Bond, was unable to attend.

"Since September 11, everywhere I go, Americans of every age come up to me and say they want to help," said Secretary O'Neill.

"We've seen an amazing outpouring of charity from across the nation, and an increase in the number of people who want to do public service," he said. "These are all healthy trends for our nation and our government. The Patriot Bond is an opportunity for all Americans to contribute to the government's war effort and save for their futures as well."

The funds raised by the bonds will contribute to the federal government's overall effort to fight the war on global terrorism.

Series EE savings bonds sold through financial institutions will be specially inscribed with the legend "Patriot Bond." The legend also will appear on Series EE bonds available at the Bureau of the Public Debt's Savings Bond Direct website (http://www.savingsbonds.gov).

Series EE savings bonds, earn 90 percent of 5-year Treasury securities yields. The current rate in effect through April 2002 is 4.07 percent. The bonds sell as half face value and are available in denominations of $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000.

Series EE bonds increase in value monthly and interest is compounded semiannually. Interest is exempt from state and local income taxes and federal tax can be deferred until the bond is redeemed or it stops earning interest at 30 years. Bonds can be redeemed anytime after six months. A 3-month interest penalty is applied to bonds redeemed before five years.