Lawmaker urges Treasury Department to nix Series I bonds ‘red tape’
As the cost of living soars, one federal lawmaker wants to remove any barriers to buying Series I bonds, an inflation-protected and nearly risk-free asset that currently pays 9.62% annual interest through October.Rep. Abigail Spanberger, D-Va., on Thursday sent a letter to Treasury Secretary Janet Yellen, voicing concerns about the difficulties of buying I bonds amid rising inflation and stock market volatility. "During this inflation crisis, the Treasury Department must do more to ensure that red tape and outdated…