A coalition of thirty state financial officials is pressing President Trump to direct the Treasury Department to release $39 billion in unclaimed war and savings bonds. The request is being timed to coincide with the United States’ 250th anniversary celebrations, according to information obtained by The Post.
In a letter sent to Trump on Thursday, these state treasurers emphasized that many original bondholders have passed away without informing their descendants, misplaced their records, or simply forgotten about the bonds. They believe the matured savings should rightfully return to families, rather than being retained by the government.
The treasurers, representing states such as Alabama, Idaho, Missouri, and North Carolina, pointed out that purchasing war bonds was an act of patriotism and faith in the country’s future, not just an investment. These comments highlighted efforts like children’s savings stamps, community bond drives, and payroll deduction plans that flourished during that time.
Financial leaders pointed out that although Trump had attempted to fast-track the release of these matured bonds with an executive order in 2020, the Biden administration’s enactment of the Secure 2.0 Act in 2022 presented a “frustrating catch-22” for state treasurers attempting to claim them.
According to the letter, the legislation mandates that states verify ownership of the abandoned bonds before the Treasury Department can disclose information about the bond owners. The challenge is that state officials require access to government data to establish this ownership, which creates an insurmountable hurdle.
“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,
More than 6.8 million paper savings bonds worth over $731 billion have been issued since the Savings Bond program’s inception in 1935, when it was signed into law by former President Franklin D. Roosevelt, according to the Treasury Department.
While most of the funds have been claimed, millions have gone unredeemed after owners lost associated records, moved homes or simply forgot about the wartime investments they made decades earlier – creating one of the largest pools of dormant assets in the country, the letter said.
“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,” OJ Oleka, chief executive of the State Financial Officers Foundation, told The Post.
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,” he said.
The treasurers argued that a new executive order from Trump could remove Biden-era regulatory barriers and help resolve what is, at its core, a “property-rights issue” without requiring Congress to pass another law.
The letter did not detail how the funds would be returned if the executive order the officials are seeking comes to pass. But they said it would be the last step after years of progress toward the release of unredeemed bonds, as the Treasury Department has modernized its records and owner-search tools and improved outreach, and Congress has allocated funding to digitize debt records.