NEW ORLEANS — If your grandparents ever bought a savings bond for you, but you never claimed it, turns out you're not alone.
Earlier this month, U.S. Senator John Kennedy (R- La.) filed the "Unclaimed Savings Bond Act" which aims to get an estimated $25 billion worth of matured savings bonds waiting to be redeemed to their rightful owners.
Kennedy said his bill would allow state treasurers to access records on the unredeemed bonds and put those names into the state's unclaimed property databases.
Kennedy said he is hoping state treasurers will be more aggressive in returning the unclaimed money owners.
"They won't be able to find everybody, but they'll do a whole lot better than the U.S. Department of Treasury because all it's doing is sitting on its ice-cold lazy butt doing nothing," Kennedy said.
Kennedy's Louisiana colleague, Sen. Bill Cassidy has already signed onto the bill along with Sen. Jerry Moran (R-Kan.). Kennedy says he is working to line up other co-sponsors to move the bill forward.
Kennedy served as Louisiana's state treasurer for 17 years before being elected to the U.S. Senate in 2016.