WASHINGTON – Senator John Kennedy (R-La.) Today introduced the Unclaimed Savings Bonds Act of 2021 to help Americans claim more than $ 26 billion in outstanding savings bonds, including $ 337 million belonging to the people of Louisiana.
Sense. Jerry Moran (R-Kan.), Sheldon Whitehouse (DR.I.), Todd Young (R-Ind.), Sherrod Brown (D-Ohio), Bill Cassidy (R-La.), Tina Smith (D -Minn .), Mike Braun (R-Ind.), Marco Rubio (R-Fla.) And James Risch (R-Idaho) co-sponsored the legislation.
“The Treasury sits on billions of dollars that should be in the pockets of Americans, including more than $ 300 million that belongs to Louisians. Louisianans pay their taxes faithfully, and Washington has to pay these savings bonds. The Unclaimed Savings Bonds Act would ensure that states have what they need to return this money to its rightful owners, so they can invest it in what matters most to their families, ” Kennedy said.
“The federal government owes Americans billions of dollars for unclaimed and overdue savings bonds,” Moran said. “This sensible legislation requires the US Treasury to provide states, including Kansas, with the documents necessary to locate the rightful owners and heirs of these past due bonds. “
“The 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 Bonds Act would help Americans identify and access their unclaimed savings bonds ”, Young said. “I appreciate the support of Indiana State Treasurer Kelly Mitchell as we work to help Americans get the funds right to them.”
“Washington must do its job and return these bonds to their rightful owners”, said Dr Cassidy. “This bill ensures that Louisianans will have access to the $ 337 million in unredeemed savings they have accumulated over the years.”
“Over $ 470 million is owed to Hoosiers in unredeemed US Savings Bonds, and I am proud to join Senator Kennedy in helping to return this money to its rightful owners,” Braun said.
“The federal government is sitting on billions of dollars in unredeemed savings bonds, including at least $ 1.4 billion owned by Floridians,” said Rubio. “This legislation would help the State of Florida identify the owners of bonds so that those funds can be returned to their rightful owners.”
The Treasury Department currently holds more than $ 26 billion in matured and unredeemed US Savings Bonds, most of which the Treasury considers lost, stolen, destroyed, or “unclaimed.” Many of these bonds were issued over 70 years ago and have matured, meaning they no longer earn interest for bondholders.
In cases where the bonds are not physically owned by their rightful holders, only the Treasury has the names and addresses of the original owners of the bonds. The Treasury also has the serial numbers necessary to claim the proceeds of the bond.
The Treasury has taken no significant steps to proactively unite bonds with their rightful owners despite its relaunch of Treasury Hunt, an online search tool that allows bond owners to locate information on bonds, at the Kennedy asks. Individual states, however, run programs that reconnect their citizens with unclaimed property.
Kennedy’s Bill would require the Treasury to provide states with information about matured and unclaimed bonds so that those states can use unclaimed property programs to help find the original owners (or heirs of those owners). origin) of these obligations. This provision would only apply to outstanding bonds maturing before 2018.
The text of the 2021 Unclaimed Savings Bonds Act is available here.