PADUCAH- The Wall Street Journal reports the U.S. Treasury Department is holding between $16 billion and $25 billion in unclaimed bonds. $212 million worth of bonds is estimated to belong to people in Kentucky. Tuesday, the U.S. Court of Appeals reversed a ruling that would give those bonds back to the states.
The court had two main reasons for reversing the decision. The first is that the bonds belong to the original bond owners, not the states. The second is that the states do not have physical copies of the bonds or the serial numbers for them. I spoke with attorney Mark Bryant day, who is representing the state of Kentucky in the lawsuit. He says, if they're able to get those bonds from the federal government, it would give money back to the bond owners and could even help the state.
"It would certainly allow Kentucky to get back a tremendous amount of money for it's citizens. And if the citizens have died, and their family, you can't find the family, the money would go into Kentucky's coffers," said Bryant. "It could be used for the pension. I mean, there's all kinds of uses that more than $200 million could be used for in Kentucky, and we need the money."
Bryant says the next step is going to be pushing the legislation through Congress, as well as getting more support from U.S. senators. He says they have 20 senators behind them right now, but they need to get more than 25 to try to pass the legislation through the Senate.