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HR 3785

Forgotten Funds Act

119th Congress Introduced by David Schweikert

The Forgotten Funds Act streamlines reclaiming unclaimed federal assets, ensuring citizens are notified and can easily access their rightful funds through a simplified process.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 3785

Summary of HR 3785 - Forgotten Funds Act

Bill Number: HR 3785
Title: Forgotten Funds Act
Status: Introduced in House
Introduced On: June 05, 2025
Classification: Bill
Primary Sponsor: David Schweikert

Purpose and Intent

The Forgotten Funds Act aims to address the issue of unclaimed or forgotten financial assets held by federal agencies. The bill seeks to streamline the process for individuals to reclaim these funds, thereby enhancing transparency and accessibility for citizens who may be unaware of their entitlements.

Key Provisions

The bill includes several important provisions designed to facilitate the recovery of forgotten funds:

  1. Identification of Unclaimed Funds:

    • Federal agencies will be required to maintain a comprehensive database of unclaimed funds, which will be accessible to the public.

  2. Notification Requirements:

    • Agencies must notify individuals who are eligible to claim these funds through direct communication, including mail and electronic notifications.

  3. Simplified Claim Process:

    • The bill mandates the establishment of a simplified claim process, reducing bureaucratic hurdles for individuals seeking to reclaim their funds.

  4. Public Awareness Campaign:

    • A public awareness campaign will be launched to educate citizens about the existence of unclaimed funds and the process to claim them.

  5. Reporting and Accountability:

    • Agencies will be required to report annually on the status of unclaimed funds, including the total amount of funds recovered and the number of claims processed.

Who Would Be Affected

The Forgotten Funds Act would primarily benefit:

  • Individuals: Citizens who may have unclaimed financial assets, such as tax refunds, insurance payouts, or other government-held funds.
  • Federal Agencies: Agencies responsible for managing and disbursing funds will need to adapt their processes to comply with the new requirements.

Procedural Aspects

  • Committee Review: The bill was referred to the House Committee on Appropriations on the same day it was introduced (June 05, 2025). This committee will review the bill and may make recommendations for amendments or further action.

  • Next Steps: Following committee review, the bill may be brought to the floor of the House for debate and a vote. If passed, it will proceed to the Senate for consideration.

Conclusion

The Forgotten Funds Act represents an effort to improve the recovery of unclaimed financial assets, making it easier for individuals to access funds that rightfully belong to them. By enhancing transparency and simplifying the claims process, the bill aims to ensure that citizens are informed and empowered to reclaim their forgotten funds.

Compiled from official sources — confirm details with the bill’s official record.

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