[Congressional Record Volume 168, Number 202 (Tuesday, December 27, 2022)]
[Extensions of Remarks]
[Page E1359]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





PROVIDING FOR CONSIDERATION OF THE SENATE AMENDMENT TO HOUSE AMENDMENT 
TO SENATE AMENDMENT TO H.R. 2617, AGRICULTURE, RURAL DEVELOPMENT, FOOD 
AND DRUG ADMINISTRATION, AND RELATED AGENCIES APPROPRIATIONS ACT, 2023; 
  RELATING TO CONSIDERATION OF SENATE AMENDMENT TO H.R. 4373, FURTHER 
ADDITIONAL CONTINUING APPROPRIATIONS AND EXTENSIONS ACT, 2023; RELATING 
TO CONSIDERATION OF SENATE AMENDMENTS TO H.R. 1082, SAMI'S LAW; AND FOR 
                             OTHER PURPOSES

                                 ______
                                 

                               speech of

                             HON. RON ESTES

                               of kansas

                    in the house of representatives

                       Friday, December 23, 2022

  Mr. ESTES. Mr. Speaker, I rise today to thank Leader Brady and 
Chairman Neal for their yeoman-like work on SECURE 2.0. This has been a 
truly bipartisan and bicameral effort that will assist all Americans 
save more for their retirement for longer throughout their lives.
  When SECURE 2.0 passed the House with overwhelming bipartisan 
support, it had multiple provisions I helped introduce, including an 
increase in RMD age, retirement matching for student loan repayment, 
and enhancing 403(b) plans.
  As the House and Senate went through negotiations on this package, I 
was pleased to see that Unclaimed Savings Bonds was included, something 
that I have been working on since before I have been in Congress.
  The U.S. Treasury is sitting on potentially billions of dollars in 
bonds which haven't been claimed--mostly because people don't know they 
or their parents or grandparents even own bonds. If given access to 
federal records and the dormant bonds, most states would be able to 
make it easy for people to look up if they own lost bonds and to 
reclaim ownership.
  Approximately $29.7 billion in savings bonds have reached final 
maturity and ceased to pay interest. While Treasury claims that only 
one percent of all matured savings bonds have not been redeemed, it's 
much more.
  States already have programs in place to help their residents find 
lost or forgotten assets. It's a program that I'm passionate about, as 
I helped connect Kansans with their money and assets as Kansas State 
Treasurer for 6 years, fighting the U.S. Treasury tooth-and-nail the 
entire way.
  While my standalone unclaimed savings bond bill required Treasury to 
provide states with the names, addresses, and serial numbers--the best 
way to make sure Americans are reconnected with their rightful 
property--the provision in this bill makes Treasury's providing of 
serial numbers optional.
  I believe that this deliberate change is due to Treasury's failure to 
keep accurate records. This crucial information is necessary, and 
Congress overwhelmingly intended for Treasury to provide it. I would 
like to make it clear that it is the intent of Congress that, where 
possible, states should be able to access the serial numbers of 
unclaimed savings bonds.
  Inclusion of this provision is a positive step, but Americans won't 
see the full benefit until Treasury stops playing games with the 
savings bond program.
  I would briefly like to touch on the underlying Omnibus bill. It is a 
shame that good legislation supported by Republicans and Democrats like 
SECURE 2.0 has been tucked into a 4,000-plus-page bill that nobody has 
read in total. It contains highly partisan and reckless spending 
throughout, which I fundamentally oppose.
  I believe that last-minute legislation like this is a terrible way to 
run the greatest country in the world and I urge my colleagues to vote 
no.

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