30 State Financial Officers Urge an EO to Return $39B in Savings Bonds to Rightful Owners

30 state financial officers urge an EO to return $39B in savings bonds to rightful owners

(The Center Square) – Thirty state financial officers sent a letter Thursday to President Donald Trump asking him to sign an Executive Order directing the Treasury to return $39 billion in savings bonds to the rightful owners rather than the…

Thirty state treasurers urge Trump to release $39B in unclaimed war and savings bonds to Americans

Thirty state financial officers are urging President Trump to order the Treasury Department to release $39 billion in unclaimed war and savings bonds to Americans amid celebrations for the nation’s 250th anniversary, The Post has learned.

30 state financial officers urge an EO to return $39B in savings bonds to rightful owners - BIZ Magazine

By Tate Rosentreter | The Center Square contributor (The Center Square) – Thirty state financial officers sent a letter Thursday to President Donald Trump asking him to sign an Executive Order directing the Treasury to return $39 billion in savings …

$39 Billion in Forgotten War Bonds Could Be Returned as States Push Trump to Reunite Families With Long-Lost Savings

A coalition of state financial officials is calling on President Donald Trump to take executive action that could unlock an estimated $39 billion in forgotten savings and war bonds, arguing that the money belongs to American families—not the federal government—as the nation prepares to mark its 250th anniversary, the NY Post reports. Thirty state financial officers sent a letter to Trump on Thursday urging him to direct the Treasury Department to release billions of dollars tied to unclaimed bonds. They contend that many of the original bondholders have since died, misplaced their records, or simply forgot about the investments, leaving their heirs unaware that the assets exist. “Americans purchased war bonds not merely as investments, but as acts of patriotism and confidence in the nation’s future,” officials from Alabama, Idaho, Missouri, North Carolina and 26 other states wrote, nodding to savings stamps purchased by children, neighborhood bond drives and payroll savings plans. The officials pointed out that Trump sought to speed up the process of returning matured savings bonds during his first administration through a 2020 executive order. However, they said changes enacted under the Biden administration through the Secure 2.0 Act in 2022 created “a frustrating catch-22” for state treasurers. According to the letter, the law requires states to prove ownership of abandoned bonds before the Treasury Department will provide information about the bondholders. But the officials argue that meeting that requirement is virtually impossible because they need access to the Treasury’s records in order to establish ownership in the first place. “America’s 250th anniversary presents a unique opportunity to honor one of the most enduring expressions of civic faith in our nation’s history: the decision by millions of Americans to invest in their country through the purchase of savings bonds and, during World War II, war bonds,” the treasurers added. Treasury Department data show that since the U.S. Savings Bond program was established in 1935 under President Franklin D. Roosevelt, more than 6.8 million paper savings bonds valued at over $731 billion have been issued. Although the overwhelming majority of those bonds have already been redeemed, the letter notes that millions remain unclaimed because owners lost the paperwork, relocated over the years, or simply forgot about investments they made decades ago. As a result, billions of dollars remain dormant. “When Americans were asked to step up and contribute to the fight for freedom, the individuals and families who purchased US savings bonds did not hesitate,” OJ Oleka, chief executive of the State Financial Officers Foundation, told The Post. Returning the bonds “is the proper way to honor their legacy and the important role these citizens played in allowing our nation to celebrate 250 years of freedom. After all, this is not the government’s money. These were loans, made in patriotic good faith, and it’s time this debt is repaid,” he said. The state officials maintain that Trump could address the issue through a new executive order that would eliminate regulatory obstacles put in place during the Biden administration. They argue the matter is fundamentally a “property-rights issue” and can be resolved without Congress passing additional legislation. While the letter does not spell out the exact process by which eligible families would receive the money, the treasurers said such an executive order would cap years of work to modernize Treasury records, improve bondholder search capabilities, expand outreach efforts, and digitize historical debt records with funding approved by Congress. {Matzav.com}