Bill addresses $26 billion in unredeemed savings bonds

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A group of lawmakers have reintroduced a measure they said seeks to aid Americans in claiming over $26 billion in unredeemed savings bonds.

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Sens. Marco Rubio (R-FL) and John Kennedy (R-LA) have joined colleagues in reintroducing the Unclaimed Savings Bond Act of 2021, noting presently the Treasury Department holds more than $26 billion in matured, unredeemed Savings Bonds categorized as lost, stolen, destroyed or unclaimed.

“The federal government is sitting on billions of dollars in unredeemed savings bonds, including at least $1.4 billion belonging to Floridians,” Rubio said. “This legislation would help the State of Florida to identify bond owners, so that these funds can be returned to their rightful owners.”

Per the legislation, the Treasury Department would be required to provide states information regarding matured and unclaimed bonds, as a means of enabling states to initiate unclaimed property programs to help find the original owners or heirs of the original owners of the bonds.

“The Treasury is sitting on billions of dollars that should be in Americans’ pockets — including more than $300 million that belong to Louisianians,” Kennedy said. “Louisianians pay their taxes faithfully, and Washington needs to pay out these savings bonds. The Unclaimed Savings Bond Act would make sure states have what they need to get this money to its rightful owners, so they can invest it in what matters most to their families.”

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