Treasury Secretary Paul O'Neill Names 2002 U.S. Savings Bonds Volunteer Committee

FOR IMMEDIATE RELEASE

January 17, 2002

Treasury Secretary Paul O'Neill today announced that Dr. Vance Coffman, Chairman and CEO of Lockheed Martin Corporation, is the National Chair of the 2002 U.S. Savings Bonds Volunteer Committee. The appointment took effect today at the Committee's annual Washington meeting. Dr. Coffman succeeds Richard Carrión, Chairman and CEO of Banco Popular.

“The Savings Bonds Volunteer Committee plays a crucial role in educating all Americans about the role savings can play in helping them achieve their hopes and dreams,” said Treasury Secretary Paul O'Neill.

Dr. Coffman was named Chairman and Chief Executive Officer of Lockheed Martin Corporation in 1998 after serving in a variety of increasingly responsible positions over the last three decades. During his career at the company, he was involved in some of the nation's most ambitious advanced technology programs, including the Hubble Space Telescope, the MILSTAR satellite communications program, the Follow-on Early Warning System (now called the Space-Based Infrared Systems), and the company's work on Iridium. He serves on the boards of Bristol-Myers Squibb and the United Negro College Fund and is a member of the National Academy of Engineering and the Security Affairs Support Association.

“I am very proud to serve as this year's National Chair of the U.S. Savings Bonds Volunteer Committee,” said Dr. Coffman. “Technological innovation has made it easier than ever to invest in America's security and the security of future generations, and I look forward to bringing that message to communities across this nation.”

The 2002 committee, comprised of 52 leaders from the public and private sectors including elected officials, senior executives from major corporations and educators, coordinates the efforts of volunteers nationwide to encourage savings and to educate Americans about both Series EE and Series I U.S. Savings Bonds.

Since their introduction in 1998, Series I Bonds have been steadily gaining in popularity with investors. Fiscal Year 2001 sales amounted to $3.4 billion, double the $1.7 billion sold the previous year. I Bonds purchased through April 2002 will earn 4.4 percent for the first six months and are guaranteed to earn 2.0 percent over and above inflation for 30 years. Series EE Bonds sales for FY 2001 amounted to $3.1 billion.