Savings Bond Redemption (E.O. 13968)

Summary

Makes it easier for Americans to find and cash in their old, matured savings bonds by making records digital and easier to search online.

What problem does this solve?

Billions of dollars in matured U.S. savings bonds have never been cashed in by their owners, with some dating back to 1935. This order directs the Treasury Department to digitize records and improve online tools to help people find and claim the money they are owed.

What does this order do?

Digitizes savings bond records

Requires the Department of the Treasury to turn paper records of savings bonds into digital files that can be searched electronically to find the owners.

Improves the Treasury Hunt online tool

Orders the Treasury Department to add the newly digitized records to its 'Treasury Hunt' website, helping people find out if they own unredeemed bonds.

Works with states to find owners

Directs the Treasury Department to work with states to get more data, learn the best ways to return unclaimed property, and add links to Treasury Hunt on state websites.

Researches barriers to redemption

Requires the Treasury Department to study why people don't cash in their bonds and find ways to make the process easier.

Requires a public report

Mandates that the Secretary of the Treasury publish a report within six months detailing the actions taken to help people redeem their bonds.

Who does this affect?

Owners of unredeemed U.S. savings bonds
Heirs of savings bond owners

What is the real world impact?

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Ensures citizens receive their money

Directs the government to actively help people find and cash in billions of dollars in old savings bonds they are rightfully owed, making sure their original investment pays off.

When does this start?

This order takes effect immediately, with several deadlines for the Treasury Department to complete specific tasks.

Digitization pilot project completion

The pilot project to assess the cost and feasibility of digitizing records must be completed before the end of calendar year 2020.

Treasury Hunt tool update

Information from digitized records must be added to the Treasury Hunt tool within 30 days of the Treasury beginning to receive the data.

Public report on progress

The Secretary of the Treasury must publish a report on actions taken to implement this order within 6 months of December 18, 2020.