Promoting Redemption of Savings Bonds
This executive order, Promoting Redemption of Savings Bonds (Executive Order 13968, signed December 18, 2020), directs the Department of the Treasury to take concrete steps to help Americans redeem matured but unredeemed savings bonds. It notes that trillions of dollars of savings bonds have never expired and that about 75 million matured bonds, worth roughly $27 billion, remain unredeemed. The order builds on prior Treasury efforts (like Treasury Hunt) and requires digitizing and making searchable the records that identify bond owners and beneficiaries, expanding access to redemption information, researching barriers to redemption, and coordinating with States. It also requires public reporting within six months and emphasizes that actions must comply with applicable law and appropriations. Key actions include piloting digitization of bond records, selecting a contractor if the pilot succeeds, making digitized data searchable and usable for Treasury Hunt, incorporating digitized data into Treasury Hunt within 30 days of receiving it, conducting customer research on redemption barriers, and fostering collaboration with States to link Treasury Hunt with state unclaimed property programs. The order is intended to remove obstacles to redemption, increase awareness of ownership, and improve the ability of bondholders to redeem matured savings bonds.
Key Points
- 1Digitization and searchable records: The Treasury shall complete a pilot to digitize and make searchable the records identifying the registered owner and beneficiaries of matured unredeemed savings bonds, prioritizing issuance years with the highest share of unredeemed debt, and select a vendor if the pilot is successful.
- 2Data integration into Treasury Hunt: Within 30 days of starting to receive digitized data, the Treasury must incorporate that information into Treasury Hunt in a secure, legally compliant manner (consistent with the Privacy Act) so individuals can determine if they own matured unredeemed bonds.
- 3Research on redemption barriers: The Treasury will conduct customer research to understand why people don’t redeem bonds at maturity and what changes—such as alternative redemption methods—could mitigate barriers.
- 4State collaboration: The Treasury will work with States and state associations to obtain additional data, learn best practices, and encourage linking Treasury Hunt to state unclaimed property portals.
- 5Public reporting: The Secretary of the Treasury must publish a report within six months detailing actions and initiatives undertaken to implement the order.