Thirty state treasurers are urging former President Donald Trump to direct the Treasury Department to release $39 billion in unclaimed war and savings bonds to Americans. The call comes as the nation approaches its 250th anniversary.
In a letter sent on Thursday, the state financial officers argued that the original owners of the bonds have died without informing heirs, lost records, or simply forgotten about the investments. They contend that these matured savings should be reunited with their families rather than remain in government custody.
"Americans purchased war bonds not merely as investments, but as acts of patriotism and confidence in the nation’s future," the officials wrote, referencing the patriotic sentiment behind savings stamps purchased by children and neighborhood bond drives.
The state treasurers noted that Trump had previously attempted to expedite the release of matured bonds with an executive order in 2020. However, they stated that the Biden administration's Secure 2.0 Act, enacted in 2022, created a regulatory hurdle. This legislation requires states to prove ownership of abandoned bonds before the Treasury Department will release owner information. According to the letter, this is an impossible task because state officials need the government data 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.
Since the Savings Bond program's inception in 1935, more than 6.8 million paper savings bonds valued at over $731 billion have been issued. While most funds have been claimed, millions remain unredeemed due to lost records, changes of address, or forgotten investments made decades ago, constituting a significant pool of dormant assets.
"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," said OJ Oleka, chief executive of the State Financial Officers Foundation. "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."
The treasurers believe a new executive order from Trump could bypass the regulatory barriers introduced by the Biden administration and resolve what they describe as a "property-rights issue" without the need for new congressional legislation. The letter did not specify the exact mechanism for returning the funds but indicated it would be the final step in a process that has seen progress in modernizing Treasury's records and outreach efforts.