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Text of the Cents and Sensibility Act

This bill was introduced on December 15, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Dec 15, 2011 (Introduced).

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 3693

IN THE HOUSE OF REPRESENTATIVES

December 15, 2011

(for himself, Mr. Ryan of Ohio, and Mr. Tiberi) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend title 31, United States Code, to save the American taxpayers money by immediately altering the metallic composition of the 1-cent coin, to require a prompt review and report, with recommendations, for cost-saving changes in the metallic content of other circulating United States coins, and for other purposes.

1.

Short title

This Act may be cited as the Cents and Sensibility Act.

2.

Reducing the cost to taxpayers of producing the penny

(a)

Steel pennies required

Subsection (c) of section 5112 of title 31, United States Code, is amended to read as follows:

(c)

1-Cent coin

(1)

In general

The 1-cent coin shall—

(A)

be produced primarily of steel; and

(B)

meet such other specifications as the Secretary may determine to be appropriate, including any change in the weight from that specified in subsection (a)(6).

(2)

Treatment

The 1-cent coin shall be treated to impart a copper color to the appearance of the coins so that the appearance is similar to 1-cent coins produced of copper-plated zinc before the date of the enactment of this subsection.

(3)

Buy American steel requirement

(A)

In general

Notwithstanding any other provision of law, the Secretary shall, in minting 1-cent coins, only use steel produced in the United States.

(B)

Exception

Subparagraph (A) shall not apply if the Secretary finds, and publishes in the Federal Register the basis of such finding, that—

(i)

applying subparagraph (A) would be inconsistent with the public interest; or

(ii)

steel is not produced in the United States in sufficient and reasonably available quantities.

.

(b)

Effective date

The amendment made by subsection (a) shall apply to all 1-cent coins issued after the end of the 90-day period beginning on the date of the enactment of this Act.

3.

Reducing the cost to taxpayers of producing other circulating coins without interfering with the way such coins are handled by business, government, and consumers in the course of ordinary commerce

Before the end of the 180-day period beginning at the end of the 90-day period referred to in section 2(b), the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate the initial report described in section 3 of the Coin Modernization, Oversight, and Continuity Act of 2010.