On Monday, August 17, the National Association of State Treasurers (NAST) filed comments on the U.S. Treasury Department’s proposed rule to address state escheat claims on U.S. Savings Bonds. Per the NAST letter,
Currently, there are over $17 billion of unclaimed savings bonds that the U.S. Federal Government is holding without paying any interest and without actively seeking the rightful bond owners. These bond owners have a right to their property, but many are unaware these bonds even exist and many think their bonds continue to earn interest. All 50 States and the District of Columbia have unclaimed property programs specifically designed to return abandoned or lost property to their citizens. Collectively, these programs successfully return billions of dollars annually to their rightful owners, and we are committed to returning all unclaimed property to rightful owners.
NAST will continue to work this issue in the coming months. If you have any questions on the issue, please contact David Milby at (859) 721-2182.
NOW, THEREFORE BE IT RESOLVED, that the National Association of Unclaimed Property Administrators proceed with the Uniform Law Commission to participate in the process of developing revisions to the Uniform Unclaimed Property Act.
Huge thank you and congratulations to our ABLE Committee Chairs @MOTreasurer @Eric_Schmitt and @ILTreasurer Mike Frerichs for their great job..