WESTLUND for TREASURER

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Issues: Unclaimed Property

Ben Westlund has a plan to find and return more unclaimed property to Oregonians. Ben is filing legislation for the next legislative session to move the administration of the Unclaimed Property Program from the Department of State Lands to the State Treasurer’s office.

The Unclaimed Property Program is largely unknown to most Oregonians. The program holds assets such as un-cashed payroll checks, stock and bonds, safe-deposit box contents, insurance proceeds or refunds and bank accounts. In recent years, it has received an average of $38 million per year and has returned approximately $9 million per year to owners. The Department of State Lands estimates there are over one million Oregonians who have property in the program.

“The state and federal governments are holding property that belongs to about one and a half million Oregonians - and I want to help them get it back,” said Westlund. “As Oregon's next State Treasurer I will do everything in my power to help Oregonians claim what is rightfully theirs - which is especially important during these tough economic times.”

To demonstrate how he can improve the program as State Treasurer, his campaign has declared May as Claim Your Lost Money Month and has designed a special website portal at www.ClaimYourLostMoney.com to make it easier for Oregonians to search for their names.

Similar legislation to move the program to the State Treasurer’s Office was requested by Treasurer Randall Edwards in 2007 and was included in the Governor’s budget but didn’t pass.

“Ben’s creative approach to this program will help him return more money to Oregonians and will benefit our schools,” said Edwards, noting that unclaimed money is held in the Common School Fund and managed by the Treasurer. “Plus, Ben has the experience and has built the relationships that the State Treasurer needs to help him get ideas through the legislative process.”

In addition to advocating for state improvements, Westlund has pledged to advocate for the federal legislation introduced by the National Association of State Treasurers and the National Association of Unclaimed Property Administrators to create Operation Rightful Owner, a state and federal partnership to help return the money and share earnings with the states. According to the U.S. Department of Treasury, almost $16 billion of mature U.S. savings bonds are unclaimed.

“Over 400,000 Oregonians have $160 million in mature savings bonds that they may not even know about and the federal government is getting the benefit,” said Westlund. “As State Treasurer, I will fight for this legislation in D.C. to see that Oregonians get their money.”

Ben Westlund’s plan to find and return more unclaimed property:

		Request and champion the legislation to move the Unclaimed Property Program to the State Treasurer’s office.

		Set up the online search on a domain, www.ClaimYourLostMoney.com, that's easier to market and for people to remember.

		Target one month each year as Claim Your Lost Money Month and promote it.

		Outreach to businesses and institutions that are holding unclaimed property and don’t know how to return it.

		Work on a national level to find money that belongs to Oregonians.

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