Recover COVID Unemployment Fraud in Banks Act
To recover unclaimed pandemic-era unemployment compensation funds held by financial institutions or escheated to State unclaimed property administrators, and for other purposes.
The bill, HB8873, aims to recover funds from pandemic-era unemployment compensation that remain unclaimed by individuals and are currently held by banks or have been transferred to state unclaimed property administrators. The goal is to ensure these funds are returned to those who are eligible. This bipartisan effort is co-sponsored by Thomas Suozzi, Randy Feenstra, and Elizabeth Van Duyne.
The bill would affect individuals who received unemployment benefits during the pandemic but did not claim or fully utilize their funds. By recovering these unclaimed funds, the bill seeks to ensure that individuals who need financial support are not left without access to these resources. It also aims to minimize losses for financial institutions and state administrators who currently hold these funds.
As of July 13, 2026, the bill has been introduced and referred to the House Committee on Ways and Means. It has passed through several stages including committee consideration, a mark-up session, and a report in the House. The most recent action was the bill being received in the Senate and referred to the Committee on Finance. This bill has seen significant progress and is currently under review in the Senate.
