H.R. 8338

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8338 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 8338

To prevent the premature seizure of an individual's securities, digital 
assets, or investment accounts in the custody of a financial 
institution under State escheatment laws, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 16, 2026

Mr. Liccardo (for himself and Mr. Lawler) introduced the following 
bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

To prevent the premature seizure of an individual's securities, digital 
assets, or investment accounts in the custody of a financial 
institution under State escheatment laws, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Safeguarding Americans' Fairly 
Earned Retirement Act of 2026'' or the ``SAFER Act of 2026''.

SEC. 2. ESCHEATMENT OF CERTAIN SECURITIES, DIGITAL ASSETS, OR 
INVESTMENT ACCOUNTS HELD BY CUSTODIANS.

(a) In General.--With respect to any covered asset that is directly 
held or beneficially owned by a person or entity and custodied by a 
financial institution, the financial institution may not yield custody 
of the covered asset, any proceeds from the sale of the covered asset, 
or a payment related to the covered asset (such as a dividend, 
principal payment, fork, or airdrop) pursuant to a State unclaimed 
property law, regulation, or administrative action or other means of 
escheatment, unless--
(1) in the case of a covered asset directly held or 
beneficially owned by a natural person--
(A) the financial institution receives confirmation 
of the natural person's death at least 3 years before 
yielding custody;
(B) no fiduciary appointed to represent the estate 
of the natural person has made an expression of 
interest in such asset, proceeds, or payment for at 
least 3 years before yielding custody; and
(C) in the case of an asset, proceeds, or a payment 
where another natural person has an ownership interest, 
the financial institution receives confirmation of the 
other natural persons's death; or
(2) in the case of a covered asset directly held or 
beneficially owned by a person or entity other than a natural 
person, the financial institution has no record of contact with 
a representative of the person or entity for at least 5 years.
(b) Checking of Certain Inactive Accounts.--
(1) In general.--In the case of a covered asset described 
in subsection (a) that is directly held or beneficially owned 
by a natural person who has attained retirement age and 
custodied by a financial institution, at the end of the 5-year 
period beginning on the date that the financial institution 
last has a record of contact with the natural person (or a 
representative thereof), and every five years thereafter, the 
financial institution shall conduct a comparison of its records 
with a State or Federal Government database of deaths to 
identify whether the natural person is deceased.
(2) Retirement age defined.--In this subsection and with 
respect to a natural person, the term ``retirement age'' means 
the applicable age, as defined in section 401(a)(9)(C)(v) of 
the Internal Revenue Code of 1986.
(c) Death Determination.--For purposes of this section, a financial 
institution may confirm the death of a natural person if--
(1) the financial institution obtains a death certificate 
for the natural person; or
(2) the financial institution obtains such other legal 
documents as the institution determines sufficient to confirm 
the death of the natural person.
(d) Preemption.--This section preempts any State law, regulation, 
ordinance, or other provision that requires a financial institution to 
remit, escheat, yield custody, or otherwise transfer any asset, 
security, or investment account to a State or local government in any 
manner that conflicts with this section.
(e) Sense of Congress.--It is the sense of Congress that--
(1) this section does not preempt any State law, 
regulation, ordinance, or other provision requiring 
communication between the State and a financial institution or 
a person or entity that directly holds or beneficially owns a 
covered asset; and
(2) this section does not prevent an owner of a covered 
asset from seeking remedies through State or Federal law for 
mishandling or improper escheatment of a covered asset.
(f) Definitions.--In this section:
(1) Covered asset.--The term ``covered asset''--
(A) means any--
(i) security;
(ii) digital asset; or
(iii) investment account; and
(B) does not include an employee benefit plan 
subject to title I of the Employee Retirement Income 
Security Act of 1974.
(2) Digital asset.--The term ``digital asset'' means any 
digital representation of value which is recorded on a 
cryptographically-secured distributed ledger or other similar 
technology.
(3) Employee benefit plan.--The term ``employee benefit 
plan'' has the meaning given that term under section 3(3) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1002(3)).
(4) Financial institution.--The term ``financial 
institution''--
(A) has the meaning given that term under section 
5312 of title 31, United States Code; and
(B) includes any--
(i) national bank;
(ii) transfer agent; or
(iii) centralized digital asset exchange.
(5) Investment account.--The term ``investment account'' 
means an account, including a retirement account, that can be 
used to hold, manage, buy, sell, or trade a digital asset or 
security.
(6) Security.--The term ``security'' has the meaning given 
that term under section 3 of the Securities Exchange Act of 
1934 (15 U.S.C. 78c).
(7) State.--The term ``State'' means each of the several 
States, the District of Columbia, and each territory or 
possession of the United States.
(g) Rule of Application.--This section shall apply to a covered 
asset, proceeds from the sale of a covered asset, and a payment related 
to a covered asset--
(1) that is held or beneficially owned by a person or 
entity on or after the date of enactment of this Act; and
(2) the custody of which has not been yielded pursuant to a 
State unclaimed property law, regulation, or administrative 
action or other means of escheatment as of the date of 
enactment of this Act.
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