H. R. 3693
IN THE HOUSE OF REPRESENTATIVES
December 15, 2011
Mr. Stivers (for himself, Mr. Ryan of Ohio, and Mr. Tiberi) introduced the following bill; which was referred to the Committee on Financial Services
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.
This Act may be cited as the
and Sensibility Act.
Reducing the cost to taxpayers of producing the penny
Steel pennies required
Subsection (c) of section 5112 of title 31, United States Code, is amended to read as follows:
The 1-cent coin shall—
be produced primarily of steel; and
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).
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.
Buy American steel requirement
Notwithstanding any other provision of law, the Secretary shall, in minting 1-cent coins, only use steel produced in the United States.
Subparagraph (A) shall not apply if the Secretary finds, and publishes in the Federal Register the basis of such finding, that—
applying subparagraph (A) would be inconsistent with the public interest; or
steel is not produced in the United States in sufficient and reasonably available quantities.
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.
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.