Accession Number:

AD1100213

Title:

Unclaimed Money: Proposals for Transferring Unclaimed Funds to States

Descriptive Note:

Technical Report

Corporate Author:

GENERAL ACCOUNTING OFFICE WASHINGTON DC WASHINGTON DC United States

Report Date:

1989-05-09

Pagination or Media Count:

70.0

Abstract:

Federal agencies hold hundreds of millions of dollars that individuals have never claimed. With certain exceptions, proposed legislation introduced by Senator Orrin G. Hatch and Representative Larry E. Craig would require that federal agencies turn over to the states any amounts agencies cannot return to owners. As requested, GAO is providing information to these Congressmen to assist them in assessing the impact of the bills. GAO identified existing laws that address unclaimed funds and assessed the effect that the bills would have on those statutes and the federal budget. For selected agencies, it provided data on amounts owed, described the agencies capabilities to identify and locate individual owners, and outlined agency procedures and efforts to do so.

Subject Categories:

  • Economics and Cost Analysis

Distribution Statement:

APPROVED FOR PUBLIC RELEASE