Louisiana governor, treasurer reach unclaimed property deal

Associated Press

5 years ago

Louisiana Gov. John Bel Edwards makes remarks and answers questions during a news conference about the state's COVID-19 situation, the effects of tropical storm Cristobal, special session legislative action and recent protests in Louisiana after the death of George Floyd in Minneapolis police custody, and movement toward police reforms Monday, June 8, 2020, at the Governor's Office of Homeland Security and Emergency Preparedness in Baton Rouge, La. (Travis Spradling/The Advocate via AP, Pool)

BATON ROUGE, La. (AP) — Gov. John Bel Edwards’ administration and Treasurer John Schroder have struck an agreement ending a three-year dispute over Louisiana’s unclaimed property money.

The resolution is contained in legislation by Republican Sen. Mike Fesi. The bills won support Wednesday from a House committee and are steps from final passage. The plan will free up millions to spend in the upcoming budget as Edwards wants, but keep the unclaimed property dollars locked up in a trust fund in later years as Schroder wants.

Schroder blocked $32 million in transfers of unclaimed property money to spend on operating expenses. Edwards sued.

Both sides say the lawsuit will be dismissed with the legislation’s passage.