[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2614 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 2614

To reform the commemorative coin programs of the United States Mint in 
 order to protect the integrity of such programs and prevent losses of 
Government funds, to authorize the United States Mint to mint and issue 
        platinum and gold bullion coins, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 10, 1995

  Mr. Castle introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To reform the commemorative coin programs of the United States Mint in 
 order to protect the integrity of such programs and prevent losses of 
Government funds, to authorize the United States Mint to mint and issue 
        platinum and gold bullion coins, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Commemorative Coin Authorization and 
Reform Act of 1995''.

               TITLE I--COMMEMORATIVE COIN PROGRAM REFORM

SEC. 101. RECOVERY OF MINT EXPENSES REQUIRED BEFORE PAYMENT OF 
              SURCHARGES TO ANY RECIPIENT ORGANIZATION.

    (a) Clarification of Law Relating to Deposit of Surcharges in the 
Numismatic Public Enterprise Fund.--Section 5134(c)(2) of title 31, 
United States Code, is amended by inserting ``, including amounts 
attributable to any surcharge imposed with respect to the sale of any 
numismatic item'' before the period.
    (b) Conditions on Payment of Surcharges to Recipient 
Organizations.--Section 5134 of title 31, United States Code, is 
amended by adding at the end the following new subsection:
    ``(f) Conditions on Payment of Surcharges to Recipient 
Organizations.--
            ``(1) Payment of surcharges.--Notwithstanding any other 
        provision of law, no amount derived from the proceeds of any 
        surcharge imposed on the sale of any numismatic item shall be 
        paid from the fund to any designated recipient organization 
        unless--
                    ``(A) all numismatic operation and program costs 
                allocable to the program under which such numismatic 
                item is produced and sold have been recovered; and
                    ``(B) the designated recipient organization submits 
                an audited financial statement which demonstrates to 
                the satisfaction of the Secretary of the Treasury that, 
                with respect to all projects or purposes for which the 
                proceeds of such surcharge may be used, the 
                organization has raised funds from private sources for 
                such projects and purposes in an amount which is equal 
                to or greater than the maximum amount the organization 
                may receive from the proceeds of such surcharge.
            ``(2) Annual audits.--
                    ``(A) Annual audits of recipients required.--Each 
                designated recipient organization which receives any 
                payment from the fund of any amount derived from the 
                proceeds of any surcharge imposed on the sale of any 
                numismatic item shall provide, as a condition for 
                receiving any such amount, for an annual audit, in 
                accordance with generally accepted government auditing 
                standards by an independent public accountant selected 
                by the organization, of all such payments to the 
                organization beginning in the first fiscal year of the 
                organization in which any such amount is received and 
                continuing until all amounts received by such 
                organization from the fund with respect to such 
                surcharges are fully expended or placed in trust.
                    ``(B) Minimum requirements for annual audits.--At a 
                minimum, each audit of a designated recipient 
                organization pursuant to subparagraph (A) shall 
                report--
                            ``(i) the amount of payments received by 
                        the designated recipient organization from the 
                        fund during the fiscal year of the organization 
                        for which the audit is conducted which are 
                        derived from the proceeds of any surcharge 
                        imposed on the sale of any numismatic item;
                            ``(ii) the amount expended by the 
                        designated recipient organization from the 
                        proceeds of such surcharges during the fiscal 
                        year of the organization for which the audit is 
                        conducted; and
                            ``(iii) whether all expenditures by the 
                        designated recipient organization during the 
                        fiscal year of the organization for which the 
                        audit is conducted from the proceeds of such 
                        surcharges were for authorized purposes.
                    ``(C) Responsibility of organization to account for 
                expenditures of surcharges.--Each designated recipient 
                organization which receives any payment from the fund 
                of any amount derived from the proceeds of any 
                surcharge imposed on the sale of any numismatic item 
                shall take appropriate steps, as a condition for 
                receiving any such payment, to ensure that the receipt 
                of the payment and the expenditure of the proceeds of 
                such surcharge by the organization in each fiscal year 
                of the organization can be accounted for separately 
                from all other revenues and expenditures of the 
                organization.
                    ``(D) Submission of audit report.--Not later than 
                90 days after the end of any fiscal year of a 
                designated recipient organization for which an audit is 
                required under subparagraph (A), the organization 
                shall--
                            ``(i) submit a copy of the report to the 
                        Secretary of the Treasury; and
                            ``(ii) make a copy of the report available 
                        to the public.
                    ``(E) Use of surcharges for audits.--Any designated 
                recipient organization which receives any payment from 
                the fund of any amount derived from the proceeds of any 
                surcharge imposed on the sale of any numismatic item 
                may use the amount received to pay the cost of an audit 
                required under subparagraph (A).
                    ``(F) Waiver of paragraph.--The Secretary of the 
                Treasury may waive the application of any subparagraph 
                of this paragraph to any designated recipient 
                organization for any fiscal year after taking into 
                account the amount of surcharges which such 
                organization received or expended during such year.
                    ``(G) Nonapplicability to federal entities.--This 
                paragraph shall not apply to any Federal agency or 
                department or any independent establishment in the 
                executive branch which receives any payment from the 
                fund of any amount derived from the proceeds of any 
                surcharge imposed on the sale of any numismatic item.
                    ``(H) Availability of books and records.--An 
                organization which receives any payment from the fund 
                of any amount derived from the proceeds of any 
                surcharge imposed on the sale of any numismatic item 
                shall provide, as a condition for receiving any such 
                payment, to the Inspector General of the Department of 
                the Treasury or the Comptroller General of the United 
                States, upon the request of such Inspector General or 
                the Comptroller General, all books, records, and 
                workpapers belonging to or used by the organization, or 
                by any independent public accountant who audited the 
                organization in accordance with subparagraph (A), which 
                may relate to the receipt or expenditure of any such 
                amount by the organization.
            ``(3) Use of agents or attorneys to influence commemorative 
        coin legislation.--No portion of any payment from the fund to 
        any designated recipient organization of any amount derived 
        from the proceeds of any surcharge imposed on the sale of any 
        numismatic item may be used, directly or indirectly, by the 
        organization to compensate any agent or attorney for services 
        rendered to support or influence in any way legislative action 
        of the Congress relating to such numismatic item.
            ``(4) Designated recipient organization defined.--For 
        purposes of this subsection, the term `designated recipient 
        organization' means any organization designated, under any 
        provision of law, as the recipient of any surcharge imposed on 
        the sale of any numismatic item.''.
    (c) Scope of Application.--The amendments made by this section 
shall apply with respect to the proceeds of any surcharge imposed on 
the sale of any numismatic item which are deposited in the Numismatic 
Public Enterprise Fund after the date of the enactment of this Act.
    (d) Repeal of Existing Recipient Report Requirement.--Section 303 
of Public Law 103--186 (31 U.S.C. 5112 note) is hereby repealed.

SEC. 102. CITIZENS COMMEMORATIVE COIN ADVISORY COMMITTEE.

    (a) Fixed Terms for Members.--Section 5135(a)(4) of title 31, 
United States Code, is amended to read as follows:
            ``(4) Terms.--Each member appointed under clause (i) or 
        (iii) of paragraph (3)(A) shall be appointed for a term of 4 
        years.''.
    (b) Chairperson.--Section 5135(a) of title 31, United States Code, 
is amended by adding at the end the following new paragraph:
            ``(6) Chairperson.--The Chairperson of the Advisory 
        Committee shall be elected by the members of the Advisory 
        Committee from among such members.''.

SEC. 104. COMMEMORATIVE CIRCULATING COIN PROGRAM.

    (a) In General.--The Citizens Commemorative Coin Advisory Committee 
shall develop a recommendation for a multiyear commemorative coin 
program involving the circulating coins of the United States which 
would supersede other commemorative coin programs for the years the 
commemorative circulating coin program is in effect.
    (b) Report to Congress.--The Citizens Commemorative Coin Advisory 
Committee shall submit a report to the Congress before the end of the 
6-month period beginning on the date of the enactment of this Act on 
the recommendations developed by the committee pursuant to subsection 
(a), together with such recommendations for legislative or 
administrative action as the committee determines to be necessary or 
appropriate with respect to such recommendations.

               TITLE II--PLATINUM AND GOLD BULLION COINS

SEC. 201. PLATINUM COINS.

    (a) In General.--Section 5112 of title 31, United States Code, is 
amended by adding at the end the following new subsection:
    ``(k) Platinum Coins.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Secretary of the Treasury may mint and issue platinum 
        coins in such quantity and of such variety as the Secretary 
        determines to be appropriate.
            ``(2) Specifications.--Platinum coins minted under this 
        subsection shall meet such specifications with respect to 
        diameter, weight, design, and fineness as the Secretary, in the 
        Secretary's discretion, may prescribe from time to time.
            ``(3) Legal tender.--The coins minted under this subsection 
        shall be legal tender, as provided in section 5103 of title 31, 
        United States Code.
            ``(4) Numismatic items.--For purposes of section 5134 of 
        title 31, United States Code, all coins minted under this 
        subsection shall be considered to be numismatic items.
            ``(5) Designations and inscriptions.--On each coin minted 
        under this subsection, there shall be--
                    ``(A) a designation of the value of the coin and 
                the weight of the platinum content of the coin;
                    ``(B) an inscription of the year in which the coin 
                is minted or issued; and
                    ``(C) inscriptions of the words `Liberty', `In God 
                We Trust', `United States of America', and `E Pluribus 
                Unum'.
            ``(6) Sale price.--
                    ``(A) Bullion.--The bullion versions of the coins 
                issued under this Act shall be sold by the Secretary at 
                a price equal to the sum of--
                            ``(i) the market value of the bullion at 
                        the time of the sale; and
                            ``(ii) the cost of minting, marketing, and 
                        distributing the coins (including labor, 
                        materials, dies, use of machinery, and 
                        promotional and overhead expenses).
                    ``(B) Proof versions.--Proof versions of the coins 
                issued under this Act may be sold by the Secretary at a 
                price equal to the sum of--
                            ``(i) the cost of designing and issuing the 
                        coins (including labor, materials, dies, use of 
                        machinery, overhead expenses, marketing, and 
                        shipping); and
                            ``(ii) a reasonable profit.
            ``(7) Bulk sales.--The Secretary may make bulk sales of the 
        coins issued under this subsection at a reasonable discount.''.
    (b) Technical and Conforming Amendment.--Section 5112(j)(1) of 
title 31, United States Code, is amended by inserting ``, (i), or (k)'' 
after ``subsection (e)''.

SEC. 202. AMERICAN EAGLE GOLD COINS AUTHORIZED TO BE PRODUCED IN 2 OR 
              MORE DESIGNS, WEIGHTS, DIAMETERS, OR FINENESSES 
              SIMULTANEOUSLY.

    Section 5112(i)(4) of title 31, United States Code, is amended by 
adding at the end the following new subparagraph:
                    ``(C) Continued minting to statutory specifications 
                after determination to mint coins to changed 
                specifications.--Notwithstanding any other provision of 
                this section, the Secretary may continue to mint and 
                issue coins in accordance with the specifications 
                contained in paragraphs (7), (8), (9), and (10) of 
                subsection (a) and paragraph (1)(A) of this subsection 
                at the same time the Secretary is minting and issuing 
                other coins under this subsection in accordance with 
                such specifications, varieties, quantities, 
                designations, and inscriptions as the Secretary may 
                determine to be appropriate.''.

               TITLE III--MINT MANAGERIAL STAFFING REFORM

SEC. 301. MODERNIZATION OF THE MANAGEMENT STRUCTURE.

    Section 5131 of title 31, United States Code, is amended--
            (1) by striking subsection (c); and
            (2) by redesignating subsection (d) as subsection (c).
                                 <all>