Sen. Kennedy, Treasury Develop A Game Plan For Helping Americans Redeem $26 Billion In Unclaimed Savings Bonds
Oct 02 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) announced today a commitment from the U.S. Department of Treasury to help Americans redeem $26 billion in unredeemed savings bonds.
Treasury will create an online tool that will allow individuals to verify against Treasury records if they have any unredeemed savings bonds dated after 1974. Treasury will also provide shareable links to states so the tool can be promoted through Unclaimed Property Program websites. The records for the newer bonds are in the best physical condition. 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.
“This money belongs in the hands of the American people. It shouldn’t be under lock and key at Treasury. Grandmothers purchased these bonds for grandchildren. Great aunts and great uncles bought bonds to support the war effort,” said Sen. Kennedy. “I want to thank President Trump, Secretary Mnuchin and Senate Appropriations Chairman Richard Shelby for working with me to do right by the American people.”
Sen. Kennedy provided $25 million for digitizing the bond records in the Financial Services and General Government Appropriations Act of 2020. The bill is pending Senate action. Sen. Kennedy also filed the Unclaimed Savings Bond Act (USB Act) earlier this year to allow states to put the names and addresses for the bonds in their Unclaimed Property databases.
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.
Through legislation and meetings with senior Treasury officials, including a phone call with Treasury Secretary Steven T. Mnuchin last week, Sen. Kennedy has been working on a solution that will reunite American citizens with the proceeds of their savings bonds. Many people probably are unaware the bonds even exist because they were misplaced over the years.
For a state-by-state estimate of what’s owed to people, click HERE.
Click on the photo below to listen to Sen. Kennedy’s floor speech on the issue.