[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2614 Referred in Senate (RFS)]
1st Session
H. R. 2614
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 6, 1995
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
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).
Passed the House of Representatives December 5, 1995.
Attest:
ROBIN H. CARLE,
Clerk.
By Linda Nave,
Deputy Clerk.