H.R. 8338, Financial Institution Asset Custody Shield. Quorum's AI analysis reads it as a net cost — and names who bears it.
H.R. 8338 · Net cost
What it does
This bill prevents financial institutions from turning over customers' securities, digital assets, and investment accounts to state governments under unclaimed property (escheatment) laws unless very specific conditions are met: for deceased individuals, the institution must have confirmation of death at least 3 years prior and no estate representative has claimed the asset in that time; for non-individual owners, there must be 5 years of no contact. The bill also requires financial institutions to periodically check death databases for retirement-age account holders.
The analysis names financial institutions (custodians of securities and digital assets) — and 3 more groups — among the beneficiaries.
The cost
Financial institutions gain extended use of dormant account assets and their proceeds (dividends, interest, investment returns) during the extended holding period, creating an implicit subsidy to custodians.
The analysis put a high warning level on this bill. Transparency scores 75%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Sam Liccardo. Cosponsored by Daniel Meuser, J. Correa, Josh Gottheimer and Maria Salazar.