Allotments for Series EE Savings Bonds

The Department of the Treasury introduced new Series EE Savings Bonds to replace Series E Bonds being purchased by payroll allotment. The Department proposed substituting the Series EE Bonds based on a "negative-response" method, whereby the Series EE Bonds would be substituted unless the employee terminated his allotment. It was held that since the new Series are a continuation without major substantive change of the Series E Bonds, the negative-response method of conversion is a proper means of continuing the employee's voluntary allotment under the Payroll Savings Plan. The proposal was approved.