U.S. Sens. Jerry Moran (R-KS), Bill Cassidy (R-LA), and Todd Young (R-IN) on Sept. 27 introduced a bipartisan bill that would give states information to help Americans learn about their unclaimed savings bonds.
“Washington needs to do its job and return these bonds to their rightful owners,” Sen. Cassidy said. “This bill ensures Louisianans will have access to the $337 million in unredeemed savings they have earned over the years.”
If enacted, the Unclaimed Savings Bond Act of 2021, S. 2854, would help Americans claim more than $26 billion in unredeemed savings bonds, including $209 million that belong to Kansans.
“Americans are owed billions of dollars by the federal government for unclaimed, matured savings bonds,” said Sen. Moran. “This sensible legislation requires the U.S. Treasury to provide states, including Kansas, with the necessary records to locate the rightful owners and heirs of these matured bonds.”
The Senate bill is sponsored by U.S. Sen. John Kennedy (R-LA) and 10 original cosponsors, including Sens. Moran, Cassidy, Young, and Sheldon Whitehouse (D-RI).
According to information provided by the senators, the Treasury Department currently holds more than $26 billion in matured, unredeemed U.S. savings bonds, most of which it deems lost, stolen, destroyed or unclaimed. Many of the bonds were issued more than 70 years ago and have matured, meaning they no longer earn interest for bondholders.
“Treasury currently holds billions of dollars in unclaimed savings bonds that have been forgotten or lost. This money belongs to the people. Our Unclaimed Savings Bond Act would help Americans identify and access their unclaimed savings bonds,” said Sen. Young. “I appreciate Indiana Treasurer of State Kelly Mitchell’s support as we work to help Americans get funds that are rightfully theirs.”
If enacted, S. 2854 would require the Treasury Department to provide states with information about matured and unclaimed bonds so that the states can use unclaimed property programs to help find the original owners or their heirs.
The legislation has been referred for consideration to the U.S. Senate Finance Committee.