Savings bonds have always served multiple objectives: funding the U.S. government, democratizing national financing, and enabling families to save. Increasingly, the authors write, that last goal has been ignored. A series of efficiency measures introduced in 2003 make these bonds less attractive and less accessible to savers. Public policy should go in the opposite direction: U.S. savings bonds should be reinvigorated to help low- and moderate-income (LMI) families build assets. With a few relatively modest changes, Tufano and Schneider explain, the savings bonds program can be reinvented to help those families save, while still increasing the efficiency of the program as a debt management device.