[Congressional Record Volume 168, Number 199 (Wednesday, December 21, 2022)]
[Senate]
[Page S9767]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


     
     
                            UNCLAIMED SAVINGS BOND ACT
     
       Mr. WYDEN. Madam President, I would like to make a few points about 
     provisions in the omnibus that are based on the Unclaimed Savings Bond 
     Act. I want to explain why there are changes from the original 
     legislation to the version we are voting on today. The Treasury 
     Department has indicated that they will not always be able to match the 
     serial numbers of the bonds with the names and addresses that Congress 
     is requiring them to provide under this act.
       States and other supporters recognize that there may be 
     administrative and fraud prevention problems with releasing serial 
     numbers for unclaimed bonds into the public sphere when there are no 
     other identifying markers on the bonds. That is the only reason that 
     the language concerning the transmission of serial numbers for bonds to 
     the states has changed from ``shall'' to ``may''. The intention is to 
     give the Treasury Department the flexibility they need to prevent 
     fraud, but I fully expect that the Treasury will endeavor to provide 
     the serial numbers to the States, especially when they are associated 
     with names and/or addresses. I believe, for example, that digital 
     copies of the bonds, where they exist should be shared with the States.
       Also, as it relates to this set of provisions, I want to clarify the 
     term-of-art of ``paper bond'' in the description of ``applicable 
     savings bonds.'' Paper bonds in this context are not the physical 
     bonds, but rather bonds that were originally issued in that form. The 
     purpose of the Unclaimed Savings Bond Act, incorporated in this bill, 
     is to give the States the ability to find the owners and heirs of these 
     unclaimed savings bonds, and I intend for the Treasury to write their 
     regulations in a manner that respects the States and only limits the 
     transmission of data when there is a tangible risk for fraud or theft 
     or the like.
     
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