CHICAGO (WMBD) — Watch as Illinois Treasurer Michael Frerichs holds a press conference in Chicago Thursday to urge the U.S. Treasury to make it easier for states to facilitate the return of mature U.S. savings bonds.
Frerichs said that U.S. savings bonds are currently exempted from being turned over to the state’s unclaimed property department, which he said is a problem.
“I don’t know anyone who bought a savings bond in someone’s name because they wanted to help pay off the federal debt,” Frerichs said. “They did it because they cared about someone, and we want to make sure that money gets to them.”
He said that despite legislation passed in 2022 that required the federal government to work with state treasurers to return the money, while issuing regulations, the U.S. Treasury did not want to turn over the money and did not…
