SAFER Act of 2026

[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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