H.R. 2789 (112th): Prevention of Wasteful and Unneeded Coins Act of 2011

112th Congress, 2011–2013. Text as of Aug 01, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2789

IN THE HOUSE OF REPRESENTATIVES

August 1, 2011

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend title 31, United States Code, to suspend the issuance of $1 coins for a 15-year period, or until excess stockpiles are exhausted, and for other purposes.

1.

Short title

This Act may be cited as the Prevention of Wasteful and Unneeded Coins Act of 2011.

2.

Findings

The Congress finds the following:

(1)

A substantially large surplus of $1 coins, both from the Presidential series and the Sacagawea series, have accumulated in the vaults of the Federal Reserve System in excess of over a billion dollars.

(2)

The United States mint is statutorily required to continue to mint four new presidential coins each year until the program is complete without consideration of excess waste or unnecessary surpluses.

(3)

The Secretary of the Treasury grossly overestimated the public support for $1 coins and therefore has allowed for the buildup of an unnecessary stockpile of $1 coins.

(4)

Minting of coins should be based on actual demand and not future estimates.

(5)

There needs to be a reduction in wasteful programs that are a drain on taxpayer dollars.

3.

Suspension of issuance of $1 coins due to excess stockpiles

Section 5112(n) of title 31, United States Code, is amended by adding at the end the following new paragraphs:

(10)

Suspension of issuance of $1 coins due to excess stockpiles

(A)

In general

No coins shall be issued under this subsection or subsection (r) during the 15-year period beginning on the date of the enactment of the Prevention of Wasteful and Unneeded Coins Act of 2011.

(B)

Exception to meet demand

If, during any period within the 15-year period described under subparagraph (A), the Secretary, in consultation with the Board of Governors of the Federal Reserve System, determines that the demand for $1 coins exceeds the amount of $1 coins held in reserve, the Secretary shall certify such fact to the Congress and may, during such period, resume the issuance of coins under this subsection and subsection (r).

(11)

Avoidance of excess stockpiles

Notwithstanding any other provision of law, the Secretary may not issue any $1 coins under this section if such issuance would result in an excess stockpile of $1 coins not in circulation.

.

4.

Removal of 20 percent minting requirement for Sacagawea-design coins

Section 5112(r) of title 31, United States Code, is amended by striking paragraph (5).

5.

Removal of unmixed supplies requirement during introductory period

Section 5112(p)(3)(D) of title 31, United States Code, is amended by striking ensuring that— and all that follows through (ii) circulating coins and inserting ensuring that circulating coins.