[Comments on S. 1780]

B-221557: Published: Feb 24, 1986. Publicly Released: Mar 27, 1986.

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GAO reviewed proposed legislation intended to help identify unclaimed property held by federal agencies which may be legally subject to disposal by states. GAO noted that, under existing law, responsible agencies are required to take possession of the property, locate those individuals entitled to the property, or sell the property if no beneficiary can be located. GAO found that: (1) many of the activities assigned to the Comptroller General under the proposed bill are more appropriate for the executive branch; (2) the bill would require the Comptroller General to regularly perform operating responsibilities with respect to the disposition of all unclaimed property; (3) the primary responsibility for identifying unclaimed property and determining property interests under federal and state laws should lie with the agencies themselves; and (4) the Comptroller General's role should be limited to settling claims after agencies attempt to dispose of the property.

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