You Might Have Unclaimed Money

Congressman Sam Liccardo (CA-16) and Congressman Mike Lawler (NY-17) introduced the bipartisan SAFER Act to stop states from seizing Americans' savings and investments through escheatment laws.

Under escheatment, states can take control of so-called "unclaimed property" and too many states have seized  those hard-earned retirement funds to plug budget holes or even finance sports stadiums. The SAFER Act bars states from escheating securities, digital assets, or non-ERISA retirement accounts unless and until a financial institution confirms the asset owner has died. The bill protects long-term investors and retirees from losing hard-earned savings they reasonably expect to access later in life.

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Issues: Financial Services