PRINTER'S NO. 1613

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE RESOLUTION

No.

258

Session of

2022

INTRODUCED BY GORDNER, MARTIN, BREWSTER, MENSCH AND STEFANO,

APRIL 25, 2022

REFERRED TO FINANCE, APRIL 25, 2022

owners.

WHEREAS, Since 1935, United States savings bonds have helped

finance the defense of the nation, including World War II, and

have supported critical Federal project expenditures throughout

this country; and

WHEREAS, United States savings bonds issued by the Treasury

were purchased in large numbers by American citizens as a low-

risk investment and as an act of patriotism during periods of

great financial need; and

WHEREAS, Issued on paper, these bonds required their physical

when their bonds mature and become redeemable; and

WHEREAS, Due to the long maturity period coupled with the

other stated factors, many bonds become forgotten, lost or

mistakenly abandoned; and

WHEREAS, Consequently, over 80 million bonds, worth a total

of over $29 billion, have fully matured but have never been

redeemed; and

WHEREAS, These proceeds are, as a matter of law, a debt owed

to American citizens and are not the property of the United

States government; and

WHEREAS, It is estimated that the proceeds of matured yet

unclaimed savings bonds; and

WHEREAS, State unclaimed property administrators, including

the Pennsylvania Treasury, are custodians of unclaimed property

and oversee experienced staff and resources that are exclusively

dedicated and designed to identify, locate and return unclaimed

property, including financial securities such as savings bonds;

and

WHEREAS, Over the past 10 years, the Pennsylvania Treasury

has returned over $1.5 billion in unclaimed property to

Commonwealth residents; and

Pennsylvania owners; and

WHEREAS, The Unclaimed Savings Bond Act of 2021, if enacted,

would compel the United States Treasury to transfer the proceeds

and ownership records of matured, unredeemed and unclaimed

savings bonds to state unclaimed property administrators in

order to be returned to their owners; and

WHEREAS, The Unclaimed Savings Bond Act of 2021 is an

efficient and equitable means of correcting a historical wrong

in which the Federal Government has failed to return money owed

to its citizens; therefore be it

RESOLVED, That the Senate urge the Congress of the United

the President of the United States, each member of Congress from

Pennsylvania and to the Governor of Pennsylvania.