110 HR 4127 IH: To amend title 31, United States Code, to prohibit the U.S. House of Representatives 2007-11-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 4127 IN THE HOUSE OF REPRESENTATIVES November 8, 2007 Mr. Paul introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to prohibit the further minting of 1-cent coins until the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System certify in writing that there is not a surplus of 1-cent coins already available for use in transactions, and for other purposes.

1.

Short title

This Act may be cited as the Make No Cents Until It Makes Sense Act.

2.

Production of 1-cent coins suspended pending certification of need

(a)

In general

Subchapter II of chapter 51 of title 31, United States Code, is amended by adding at the end the following new section:

5123.

Production of 1-cent coins suspended pending certification that there is no surplus of such coins anywhere

(a)

In general

The Secretary of the Treasury may not produce any 1-cent coins after the date of the enactment of the Make No Cents Until It Makes Sense Act until the certifications described in subsection (b) are delivered as described in subsection (b)(2). (b)

Conditions for resumption of production

The Secretary of the Treasury may not resume the production of 1-cent coins after the date referred to in subsection (a) until— (1)the Secretary and the Chairman of the Board of Governors of the Federal Reserve System separately certify, in writing, that there is no surplus of 1-cent coins anywhere within the United States; and (2)such certifications are submitted to the Committee on Financial Services and the Committee on Appropriations of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate at least 30 days before the effective date of any such resumption of production.

. (b)

Clerical amendment

The table of sections for chapter 51 of title 31, United States Code, is amended by inserting after the item relating to section 5122 the following new item: 5123. Production of 1-cent coins suspended pending certification that there is no surplus of such coins anywhere. .