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Treasurer Fitzpatrick Urges President Trump to Assist in the Return of Unclaimed U.S. Treasury Bonds

Thursday, February 07, 2019
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 Treasurer Fitzpatrick Urges President Trump to Assist in the Return of Unclaimed U.S. Treasury Bonds

Jefferson City, MO- Missouri State Treasurer Scott Fitzpatrick sent a letter to President Trump urging him to assist in the return of nearly $438 million in matured, abandoned, and unredeemed U.S. Treasury Bonds purchased by Missourians. 

From the 1940s to the 1970s, Americans purchased U.S. savings bonds to support their country and the ongoing fight for freedom around the world. Nationally, nearly 60 million savings bonds, worth approximately $23 billion, have never been redeemed. Now, Treasurer Fitzpatrick is asking that the $438 million in savings bonds belonging to Missourians and the relevant information necessary to find their rightful owners be turned over to Missouri’s Unclaimed Property Division, overseen by the State Treasurer’s Office. 

In 2014, Missouri passed necessary legislation and obtained a state court judgment so that the Unclaimed Property Division could begin the process of finding the rightful owners or their heirs and returning their money. In order to do this, the State requires information currently in the possession of the Treasury—the names and last known addresses of bond owners. 

Thus far, despite FOIA requests and legal action, the Treasury Department has not turned this information over to Missouri or any other state that has requested it. Further complicating the issue, in 2015, the Obama administration changed long-standing Treasury policy and no longer honors title-based escheatment. 

Treasurer Fitzpatrick’s letter calls on President Trump to work with Treasury Secretary Steven Mnuchin to reverse this policy change and work with the states to honor the government’s commitment to those who proudly invested in their country. 

“With your administration, we have a great opportunity to reverse this failure on the part of the government, and work with Missouri and other states’ Unclaimed Property officials to successfully find and repay bond owners,” Fitzpatrick wrote. “It’s time for our country to honor its commitments and redeem its debt to these patriotic individuals who helped build America and make it great.”

A copy of the letter can be found here



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