Promoting Redemption of Savings Bonds

This executive order directs the Treasury Department to accelerate efforts to help Americans redeem approximately $27 billion in matured, unredeemed savings bonds. It mandates digitization of bond records, integration with the Treasury Hunt online tool, customer research on redemption barriers, state collaboration, and a public report on implementation progress.

Federal Register Open PDF 85 FR 83745

Impact dates

Date TBD
Incorporate digitized records into Treasury Hunt
Jun 18, 2021
Secretary of Treasury publish report on implementation actions and initiatives
Dec 31, 2020
Complete pilot project assessing feasibility and cost of digitizing savings bond records

Key directives

Complete pilot project assessing digitization feasibility and cost before end of calendar year 2020
Select vendor to begin digitizing savings bond records if pilot successful
Prioritize digitization of bond-issuance years with highest percentage of matured unredeemed debt
Incorporate digitized records into Treasury Hunt within 30 days of beginning to receive data
Conduct customer research on barriers to redemption and feasibility of modified/alternative redemption methods
Engage with states to obtain owner identification data, learn best practices, and encourage links to Treasury Hunt
Publish implementation report within 6 months of order date

Who is ordered

Timeline

Immediate

pilot project completion required before end of 2020 (already past at signing)

Near term (90d)

integration of digitized records into Treasury Hunt within 30 days of data receipt
vendor selection for digitization if pilot successful

Long term

public report due within 6 months
ongoing digitization of records prioritized by highest unredeemed debt years
customer research and alternative redemption method development

Risks & tensions

Pilot project deadline of 'before end of calendar year 2020' was only 13 days from signing, suggesting either pre-completed work or extremely compressed timeline
Section 7(b) subjects implementation to 'availability of appropriations,' creating potential funding uncertainty
Privacy Act compliance requirement for data integration may slow Treasury Hunt expansion
No enforcement mechanism for bond owners; Section 7(c) explicitly denies enforceable rights