November 5, 2013
JFK SPOKE TO PAYROLL SAVINGS COMMITTEE 50 YEARS AGO TODAY
Washington, D.C. (JFK+50) At 4 p.m. 50 years ago today, November 5, 1963, President John F. Kennedy spoke to the members of the United States Industrial Payroll Savings Committee* in the Rose Garden at the White House.
The President expressed thanks for the efforts the committee had made during the year 1963 and added...
"This has been the most successful campaign since 1945. We will have 1.5 million new participants in this program by the end of the year.
It assists us in maintaining our debt management policies, and it also assists the people involved. It gives them a greater security, a greater participation in the well-being of this country."
The President was accompanied by Secretary of the Treasury C. Douglas Dillon**, Harold S. Genenn***, president of the International Telephone and Telegraph Corporation and chairman of the committee, as well as Frank R. Milliken****, president of of the Kennecott Copper Corporation.
The Payroll Savings program, which is still in operation today, is described as a safe way to buy Treasury securities on a regular basis.
Money is deposited directly into a Certificate of Indebtedness from the employee's pay check. The money goes to buy the employee's choice of Treasury Bills, Treasury Notes, Treasury Bonds, Series EE and I Savings Bonds, or Inflation-protected Securities.
*The committee, made up of industrial leaders who promote the sale of savings bonds in industry, was created by the Kennedy Administration.
Its 1st public campaign was held in 1963 as JFK sought to encourage Americans to buy US Savings Bonds. The result was, according to Treasury Direct, the "largest enrollment of new payroll savings since World War II."
**C. Douglas Dillon (1909-2003) was born in Geneva and graduated from Harvard in 1931. He served in the Navy in WWII, and was a successful businessman after the war. Dillon, a Republican, was chosen as Eisenhower's ambassador to France and then under Secretary of State.
***Harold S. Genenn (1910-1997) was born in England and studied accounting at New York University. He became Senior VP of Raytheon and was CEO of ITT from 1959-1977.
Two interesting quotes attributed to Mr. Genenn...
"Leadership cannot really be taught, it can only be learned,"
"A true leader has to have an open-door policy so that his people are not afraid to approach him for any reason."
****Frank R. Milliken (1924-1991) was a native of Malden, MA. He received a degree in mining engineering from MIT in 1934 and became chief metallurgist with the General Engineering Company of Salt Lake City.
Frank was later assistant manager of the National Lead Company and CEO of Kennecott Copper Corporation. He also served as chairman of the Federal Reserve Bank of New York.
Click on the link below to the JFK Library audio recording of this event.
"Public Papers of the Presidents of the United States, John F. Kennedy, 1963," United States Government Printing Office, Washington, D.C., 1964.
^JFK+50 made our 1st post in November 2010. Today marks our 1039th posting, the same number of days John F. Kennedy served as President of the United States.