WASHINGTON, D.C. – Senator John Kennedy (R-La.) has taken to the Senate floor to highlight his ongoing mission to help Americans recover billions of dollars in unclaimed savings bonds held by the U.S. Department of Treasury. This initiative, driven by Kennedy’s long-standing advocacy for financial accountability, is set to take a significant step forward in 2025 when the Treasury begins sharing critical data with state governments.
“There’s no excuse for the federal government holding on to money that doesn’t belong to it,” Kennedy said. “This is about returning $38 billion—money that belongs to the American people.”
$38 Billion in Unclaimed Bonds
The Treasury Department currently holds over 95 million mature, unclaimed savings bonds with a collective value of approximately $38 billion. Despite having records of bond owners or their heirs, Kennedy criticized the Treasury for failing to take meaningful steps to reunite individuals with their unredeemed investments.
“For a long time, the Department of Treasury has had the names of these 95 million people or their heirs. . . . You’ve got names, you’ve got addresses. The problem is, they weren’t going to cooperate,” Kennedy stated during his address.
Legislation to Reclaim Funds
Frustrated by bureaucratic inaction, Kennedy authored the Unclaimed Savings Bond Act of 2021, which was signed into law as part of the Consolidated Appropriations Act, 2023. The legislation mandates that the Treasury share bondholder data with state officials. This partnership enables state treasurers to incorporate the information into their unclaimed property programs, making it easier for Americans to locate and claim their money.
Starting in Summer 2025, state treasurers will begin receiving digital records of bondholders, enabling them to display this data on their state-managed unclaimed property websites.
A Proven Track Record
Kennedy’s commitment to returning unclaimed funds to their rightful owners is well-documented. As Louisiana’s state treasurer for 17 years, he oversaw the state’s unclaimed property program, reuniting residents with $400 million in lost assets.
“Every state has an unclaimed property program, and the state treasurers are eager to help. In about six months, those digital records will go to state treasurers, who will put them on their websites,” Kennedy explained.
Next Steps
Kennedy’s work aligns with his broader mission to improve government accountability and efficiency. By leveraging state resources to locate bondholders, the program promises to streamline the reclamation process and ensure that rightful owners or their heirs can access their funds.
Louisianians are encouraged to check their state’s unclaimed property database in 2025 when the bondholder data becomes available. For more information, visit the U.S. Treasury’s savings bond website or contact the Louisiana Department of Treasury.