New Bill Would Raise I Bond Purchase Cap

The new, raised purchase limit would apply only to families and individuals, not businesses and trusts, the senators said.

"The American people are scrambling for ways to protect their earnings from rampant inflation. I bonds are one option consumers should be able to leverage. Arbitrary purchasing caps on I bonds, however, are shortchanging the public from better utilizing the program," Fischer said in a statement.

"We need to take an all-encompassing approach to help families facing high costs," Warner said. "In tandem with our inflation-fighting efforts, and intervention from the Federal Reserve, this legislation would allow Americans to better shield their finances from the unpredictability of inflation and offer peace of mind during difficult economic times." 

Earlier this year, Christine Benz, Morningstar's director of personal finance, called I bonds "a straightforward way to obtain inflation protection," adding, "The big negative is that purchase constraints limit their utility for larger investors."