Moran, Cassidy, Young Cosponsor Unclaimed Savings Bonds Act
U.S. Senators Jerry Moran (R-KS), Bill Cassidy (R-LA) and Todd Young (R-IN) introduced a bipartisan bill on September 27 that would give states information to help Americans learn more on their unclaimed savings bonds.
“Washington must do its job and return these obligations to their rightful owners,” said Senator Cassidy. “This bill ensures that Louisianans will have access to the $ 337 million in unredeemed savings they have accumulated 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 belonging to Kansans.
“The federal government owes Americans billions of dollars for unclaimed and matured savings bonds,” said Senator Moran. “This sensible legislation obliges the US Treasury to provide states, including Kansas, with the documents necessary to locate the rightful owners and heirs of these expired bonds. “
The Senate bill is sponsored by US Senator John Kennedy (R-LA) and 10 original cosponsors, including Sens. Moran, Cassidy, Young and Sheldon Whitehouse (D-RI).
According to information provided by senators, the Treasury Department currently holds more than $ 26 billion in matured and unredeemed U.S. savings bonds, most of which are considered lost, stolen, destroyed or unclaimed. Most bonds were issued over 70 years ago and have matured, which means they no longer earn interest for bondholders.
“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, ”said Senator Young. “I appreciate the support of Indiana State Treasurer Kelly Mitchell as we work to help Americans get the funds right to them.”
If enacted, Section 2854 would require the Treasury Department to provide states with information about past due and unclaimed bonds so that states can use unclaimed property programs to help find homeowners. origin or their heirs.
The legislation has been referred for review to the US Senate Finance Committee.