Thirty state treasurers are urging President Trump to instruct the Treasury Department to distribute $39 billion in unclaimed war and savings bonds to Americans in light of the nation’s 250th anniversary, as reported by the Post.
In a letter sent to Trump, the treasurers expressed that the original owners of these bonds, many of whom died without informing their heirs, lost their documentation, or simply forgot about them, should be reunited with their families rather than having the funds remain with the government.
“Americans didn’t just buy war bonds for investment; they did it as a show of patriotism and faith in the country’s future,” the officials from Alabama, Idaho, Missouri, North Carolina, and 26 other states wrote, referencing how kids used to buy savings stamps and how local bond drives were organized.
Treasury officials mentioned Trump’s 2020 executive order aimed at accelerating the release of maturing bonds, yet they noted that the Biden administration’s Secure 2.0 Act from 2022 introduced a “frustrating catch-22” for state treasurers.
The act stipulates that states must demonstrate ownership of abandoned bonds before the Treasury will provide any information about bondholders. This, they claim, is impossible since state officials need federal data to confirm ownership.
“Celebrating America’s 250th anniversary is a unique occasion to honor a significant act of public trust in our nation’s history: millions of Americans choosing to invest in their country through the purchase of savings and war bonds,” the treasurers pointed out.
Since the inception of the savings bond program in 1935, which was initiated by former President Franklin D. Roosevelt, over 6.8 million paper savings bonds valued at more than $731 billion have been issued, according to government records.
While a majority of these funds have been claimed, millions remain unredeemed as owners have lost crucial documentation, moved, or forgotten about their investments from decades past, resulting in one of the largest collections of dormant assets in the country.
OJ Oreka, CEO of the National Financial Officers Foundation, told the Post that when the call came for citizens to support the fight for freedom, those who purchased savings bonds stepped up without hesitation.
He emphasized that returning the bonds is a fitting tribute to their legacy and the vital contribution these individuals made to help the nation celebrate 250 years of liberty. “This isn’t government money; these were loans given in a spirit of patriotism, and it’s time to repay that debt,” he added.
Treasury officials believe that a new executive order from Trump could eliminate obstacles related to regulations from the Biden era, addressing critical “property rights issues” without the need for additional legislation from Congress.
While the letter doesn’t elaborate on how the funds might be returned if the executive order is implemented, the state treasurers stated this would be the final step after years of efforts to release the unredeemable bonds as the Treasury Department works to update records, enhance owner search tools, improve outreach, and secure funding for digitizing debt records.
