SPRINGFIELD, Ill. (WAND) — Illinois Treasurer Michael Frerichs is calling on the U.S. Treasury to make it easier for states to return U.S. savings bonds.
The federal government currently holds more than $30 billion in unpaid savings bonds that date back to the 1940s. Frerichs and Congressman Danny Davis said Thursday more than $1 billion is owed to Illinoisans.
They also noted that Black people represent a high percentage of unclaimed bond holders across the country.
“These savings bonds were purchased because they were a gift to someone in someone’s life that was important to them or they were purchased because this was a way that they could invest and grow their money when they were denied access to traditional banking services,” Frerichs said.
Congress passed a plan in 2022 to require the U.S….
