Pennsylvania Treasurer Stacy Garrity is looking to garner support among lawmakers for the Unclaimed Savings Bond Act of 2021.
The bill, which has amassed bipartisan support, would empower states to return over $29.4 billion in U.S. Savings Bonds to their owners.
“The U.S. Treasury is sitting on tens of billions of dollars in savings bonds that belong to everyday Americans – and they are doing absolutely nothing to get that money back in the hands of the people it belongs to,” Garrity said in a press release. “It’s inexcusable and it has to change.”
U.S. savings bonds, which were originally introduced during the Great Depression and helped finance World War II, provided risk-free investments for everyday Americans. Since they began falling out of favor in the 1990s, millions of fully-matured bonds have yet to be redeemed.
The reintroduced bill would require the Treasury to provide information to state governments that will help identify owners of bonds that still remain unclaimed.
Garrity has already composed letters to both U.S. senators representing Pennsylvania and to members of the House delegation serving on the Ways and Means Committee to get their support.
“This legislation is an efficient and equitable way to get this money where it belongs while costing taxpayers virtually nothing,” Garrity said.