,i #aagth ,,congress #ast ,session ,h4 ,r4 #djhe ,,in ,,the ,,house ,,of ,,representatives ,june #bc1 #bjba,mr4 ,estes 7for himself1 ,mr4 ,danny ,k4 ,davis of ,illinois1 ,mr4 ,la,hood1 ,mr4 ,larson of ,connecticut1 ,mrs4 ,walorski1 ,mr4 ,kind1 ,mrs4 ,wagner1 ,mr4 ,pascrell1 ,mr4 ,timmons1 ,mr4 ,beyer1 ,mr4 ,norman1 ,mr4 ,panetta1 and ,mr4 ,horsford7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to allow for the transfer and redemption of abandoned savings bonds4 #a4 ,short title ,this ,act may be cited as the ,unclaimed ,savings ,bond ,act of #bjba4 #b4 ,findings ,congress finds the following3 7#a7 ,tens of billions of dollars' worth of savings bonds have never been redeemed by their owners1 including millions of bonds that matured years and even decades ago4 ,the ,department of the ,treasury refers to these bonds as ,matured ,unredeemed ,debt 7,,mud74 7#b7 ,the ,united ,states savings bond program was created to fund critical government operations during times of national need while guaranteeing to citizens the promise of a safe return4 7#c7 ,the ,states are the traditional custodians of abandoned property and are best positioned to help owners of abandoned bonds recover the proceeds of their investment4 7#d7 ,until abandoned property is claimed1 the ,states are able to devote unclaimed funds to the health and welfare of their citizens4 7#e7 ,allowing ,states to utilize the proceeds of abandoned savings bonds provides them with liquidity and the ability to serve their citizens without increasing the ,federal deficit4 #c4 ,transfer and redemption of abandoned savings bonds ,section #caje of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 7#a7 ,notwithstanding any other ,federal law1 the ownership of an applicable savings bond may be transferred pursuant to a valid judgment of escheatment vesting a ,state with title to the bond4 ,nothing in this section1 or in any regulation promulgated by the ,secretary to implement this section1 may be construed to preempt ,state law providing for1 or governing the escheatment of1 applicable savings bonds4 7#b7 ,the ,secretary shall recognize an order of a court of competent jurisdiction that vests title to an applicable savings bond with a ,state1 regardless of whether the ,state has possession of such bond if the ,state provides the ,secretary with a certified copy of such order4 7#c7 7,a7 ,if a ,state has title or is seeking to obtain title through a judicial proceeding to an applicable savings bond1 the ,secretary shall provide to the ,state1 upon request1 the serial number of such bond1 and any reasonably available records or information-- 7i7 relating to the purchase or ownership of such bond1 including any transactions involving such bond2 or 7ii7 which may provide other identifying information relating to such bond4 7,b7 ,any records or information provided to a ,state pursuant to subparagraph 7,a7 shall be considered sufficient to enable the ,state to redeem the applicable savings bond for full value1 regardless whether the bond is lost1 stolen1 destroyed1 mutilated1 defaced1 or otherwise not in the ,state's possession4 7#d7 7,a7 ,subject to subparagraph 7,c71 a ,state may redeem and receive payment for an applicable savings bond for which the ,state has title pursuant to the same procedures established pursuant to regulations which are available for payment or redemption of a savings bond by any owner of such bond4 7,b7 ,the ,secretary may not prescribe any regulation which prevents or prohibits a ,state from obtaining title to an applicable savings bond or redeeming such bond pursuant to the procedures described in subparagraph 7,a74 7,c7 ,in the case of an applicable savings bond which is lost1 stolen1 destroyed1 mutilated1 defaced1 or otherwise not in the possession of the ,state1 if the ,state has requested records and information under paragraph 7#c77;,a71 any applicable period of limitation for payment or redemption of such bond shall not begin to run against the ,state until the date on which the ,secretary has provided the ,state with the records and information described in such paragraph4 7#e7 ,if the ,united ,states ,government makes payment to a ,state for an applicable savings bond pursuant to paragraph 7#d7-- 7,a7 that ,state shall attempt to locate the original owner of each such bond registered with an address in that ,state pursuant to the same standards and requirements as exist under that ,state's abandoned property rules and regulations2 7,b7 except as provided in subparagraph 7,c71 the ,united ,states ,government shall not retain any further obligation or liability relating to such bond1 including any obligation or liability with respect to the registered owner of such bond 7as described in paragraph 7#f772 7,c7 should a ,state that receives payment for an applicable savings bond pursuant to paragraph 7#d7 fail to make payment to a registered owner of such bond 7as described in paragraph 7#f77;,b77 after presentment of a valid claim of ownership pursuant to that ,state's abandoned property rules and regulations1 such owner may then seek redemption of their bond through the ,secretary or any paying agent authorized by the ,united ,states ,government to make payments to redeem such bonds1 and it shall be paid2 and 7,d7 where the ,united ,states ,government has made payment of an applicable savings bond under subparagraph 7,c71 the respective ,state shall indemnify the ,united ,states for payments made on such bond4 7#f7 ,for purposes of this subsection1 the term applicable savings bond means any ,united ,states savings bond that-- 7,a7 matured on or before ,december #ca1 #bjag2 7,b7 is registered to an owner with a last known address within a ,state claiming title under a valid escheatment order entered after ,december #ca1 #bjab1 and before ,january #bjbf2 and 7,c7 has not been redeemed by such owner4 4