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Treasurer Fitzpatrick Encourages Support for Federal Savings Bond Legislation

Thursday, January 02, 2020
Treasurer's name

 

Jefferson City, MO – Missouri State Treasurer Scott Fitzpatrick today urged Missouri’s Congressional delegation to support the Unclaimed Savings Bond Act of 2019. The legislation would empower states to act on behalf of the Treasury Department to find owners of matured unredeemed U.S. savings bonds and facilitate the payment of their claims. Approximately, $26 billion in savings bonds have reached final maturity, of which $438 million belongs to Missourians.

 

“By giving states access to these federal records, we can use our existing Unclaimed Property Division to help return the $438 million unclaimed bonds to Missourians,” Treasurer Fitzpatrick said. “Americans purchased U.S. savings bonds to support their country and the ongoing fight for freedom around the world from the 1930s to the 1970s. It’s time for our country to honor its commitments and redeem its debt to these individuals who helped build America. I am grateful to Senators Blunt and Hawley and Congressman Smith for their early support of this important legislation and for joining me in standing in defense of Missouri taxpayers whose money we hope to return.”

 

“This legislation mandates the government connect the dots and finally pay back the taxpayer what they are owed. There is currently over $26 billion in unclaimed U.S. Savings Bonds collecting dust in the U.S. Treasury Building. Missourians alone are owed an estimated $438 million. These bonds were sold with the guarantee of the full faith and credit of the United States government. It is time for the government to live up to its promise,” Congressman Jason Smith said.

 

Traditionally, savings bonds accrue interest until maturing over a 20 to 30-year time period. When these bonds mature, and cease to pay interest, the U.S. Treasury’s Bureau of Public Debt does not have an active program to locate bondholders and reunite them with the proceeds of their bonds. Instead, it is up to the buyer to redeem the matured bond decades after the initial purchase.

 

Sen. Roy Blunt and Sen. Josh Hawley are co-sponsors of S.2417 and Rep. Jason Smith is a co-sponsor of HR. 5269.

 

The full text of HR. 5269 can be read here and S.2417 can be read here. A copy of Treasurer Fitzpatrick’s letter to the Missouri delegation can be read here.

 

In February, Treasurer Fitzpatrick sent a letter to President Trump asking for his assistance in returning these savings bonds. You can read that letter here.

 

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