Story perspectives

California's $15 Billion Unclaimed Property Sparks Reform Push

4/16/2026

Summary

Story summary

A CBS News California investigation finds California holds over $15 billion in unclaimed property and generates about $1 billion annually.
California currently returns 3.5% of unclaimed funds.
Federal lawmakers are introducing the SAFER Act to prevent states from profiting off these assets.
Senator Elizabeth Warren (D-Mass.) calls for nationwide review of state unclaimed-property systems to address the gap between collected and returned funds and bipartisan reform support.

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Story summary

A CBS News California investigation finds California holds over $15 billion in unclaimed property and generates about $1 billion annually.
California currently returns 3.5% of unclaimed funds.
Federal lawmakers are introducing the SAFER Act to prevent states from profiting off these assets.
Senator Elizabeth Warren (D-Mass.) calls for nationwide review of state unclaimed-property systems to address the gap between collected and returned funds and bipartisan reform support.