Friday, March 4, 2011

Congress's View on Unclaimed Funds Recovery

As a result of the recent Congressional expenditure of billions of dollars in federal monies directed at keeping companies solvent, the government is now closely scrutinizing companies’ finances and practices. This scrutiny has revealed that many companies receiving bailout money actually have millions of dollars in unclaimed funds, to which they are entitled, but have consistently failed to claim.

US Representative Barney Frank, Chairman of the House Financial Services Committee, is demanding that such companies recover their unclaimed funds. Chairman Frank believes that if these companies were claiming their monies, there may not be a need for them to take federal bailout money.

Chairman Frank is now calling for a formal Congressional investigation into the failure of businesses to recover unclaimed funds, stating he will be insisting “they tell us what their whole systems [for recovering unclaimed funds] are, how did this happen, and more importantly, how do they stop it from happening in the future."

-As detailed in a March 2009 investigative report featured on Fox 7 Miami and NBC 7 Boston.

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