Federal lawmakers target states' use of unclaimed property after California investigation

CBS News California Investigates Federal lawmakers target states' use of unclaimed property after CBS California investigation .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-cbs-news-california-investigates.jpg'); } By Julie Watts, Julie Watts CBS California Investigative Correspondent Julie Watts is a national-award-winning investigative correspondent for CBS News, covering California. Her investigations, Capitol accountability reports, and solutions-oriented journalism air weekly on CBS stations across California. Read Full Bio Julie Watts, Richard Ramos Richard Ramos Web Producer, CBS Sacramento Richard Ramos is a web producer for CBS Sacramento who was born and raised in Sacramento. He graduated with a BA in Journalism from CSUS. Read Full Bio Richard Ramos April 16, 2026 / 2:06 PM EDT / CBS News California Add CBS News on Google A CBS News California investigation into unclaimed property is now drawing bipartisan attention in Washington, with federal lawmakers moving to stop states from quietly profiting off money that belongs to residents.California alone holds more than $15 billion in unclaimed property from uncashed checks, old bank accounts, insurance payments, investments and other financial assets — money that, in many cases, owners don't even realize exists.Until it's claimed, the state can use those funds for general operations, but it is still required to return the original amount to the rightful owner if they come forward later.According to the California Legislative Analyst's Office and state budget documents, unclaimed property remains one of California's top sources of General Fund revenue, generating about $1 billion annually.While the state is required to notify people of their unclaimed property, it has returned roughly 3.5% of the more than $15 billion in funds and assets it holds.Across the country, states collectively hold tens of billions of dollars in unclaimed property, and in some ca...