Dec 17 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), chairman of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), today announced he secured $25 million for the Treasury Department to digitize and distribute records of unclaimed U.S. savings bonds. The funding will better help Treasury reunite approximately $26 billion in unclaimed savings bonds with their rightful owners.
Some states estimate that their residents have more than $1 billion in matured, unclaimed savings bonds. Louisiana estimates that the amount owed to Louisiana residents tops $300 million. These bonds are currently sitting in the U.S. Treasury, but the department has taken little initiative to return the proceeds to their owners. Many people are likely unaware that the bonds even exist because the paper bonds were lost over the years.
“This funding brings us one step closer to returning $26 billion in savings bonds to their rightful owners. Each and every year, Louisiana families faithfully pay what they owe to the federal government, while the federal government continues to be let off the hook for what they owe Louisiana families,” said Sen. Kennedy. “We are correcting a breathtaking hypocrisy by creating records to allow families to claim their bonds.”
Earlier this year, Sen. Kennedy secured a commitment from Treasury Secretary Steven T. Mnuchin that the Treasury Department would create an online tool that will allow individuals to verify against Treasury records if they have any unredeemed savings bonds dated after 1974.
For the records on the older bonds dating back to World War II, Treasury will gather expert opinions and states’ input on how to digitize them.