[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2760 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2760

   To amend title 31, United States Code, to improve the minting and 
 issuing of coins, to reduce the current excess stockpile of $1 coins, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2011

 Mrs. Maloney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend title 31, United States Code, to improve the minting and 
 issuing of coins, to reduce the current excess stockpile of $1 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 ``Presidential Dollar Coin Efficiency 
Act of 2011''.

SEC. 2. REMOVAL OF THE REQUIREMENT TO PROVIDE UNMIXED SUPPLIES DURING 
              THE INTRODUCTORY PERIOD.

    Section 5112(p)(3)(D) of title 31, United States Code, is amended 
by striking ``ensuring that'' and all that follows through 
``circulating coins'' and inserting ``ensuring that circulating 
coins''.

SEC. 3. LIMITATION ON NUMBER OF PRESIDENTIAL $1 COINS PRODUCED IN A 
              YEAR.

    Section 5112(n)(4)(B) of chapter 51 of title 31, United States 
Code, is amended--
            (1) by adding before the period the following: ``, except 
        that the aggregate number of such coins produced for a year may 
        not exceed the aggregate number of coins produced pursuant to 
        this subsection for the previous year''; and
            (2) by adding at the end the following: ``Notwithstanding 
        the previous sentence, if the Secretary determines that the 
        demand for a particular design during a year will exceed the 
        amount of coins able to be produced under the limitation in the 
        previous sentence, the Secretary may waive such limitation with 
        respect to such design.''.

SEC. 4. PUBLICITY OF PRESIDENTIAL $1 COINS.

    Section 5112(p)(2) of title 31, United States Code, is amended by 
striking ``shall'' and inserting ``may''.

SEC. 5. REDUCTION IN EXCESS STOCKPILES OF $1 COINS.

    The Secretary of the Treasury, in consultation with the Board of 
Governors of the Federal Reserve System, shall reduce the number of $1 
coins minted and issued by the Secretary under subsections (n) and (r) 
of section 5112 of title 31, United States Code, until such time as the 
excess stockpiles of $1 coins have been eliminated.

SEC. 6. REPORTS.

    (a) Annual Report on Steps Taken To Reduce Stockpiles.--Section 
5112(p)(3)(B) of title 31, United States Code, is amended--
            (1) by striking ``annual report'' and inserting ``annual 
        joint report'';
            (2) by redesignating clauses (ii) and (iii) as clauses 
        (iii) and (iv), respectively; and
            (3) by inserting after clause (i) the following new clause:
                            ``(ii) steps taken to reduce excess 
                        stockpiles of $1 coins;''.
    (b) Coin Production Costs and Content.--The Secretary of the 
Treasury shall issue the initial report required under section 3(a) of 
the Coin Modernization, Oversight, and Continuity Act of 2010 by March 
31, 2012, or, if the Secretary determines that such report is not ready 
by that date, the Secretary shall issue an interim report to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate 
containing such information, determinations, and recommendations as the 
Secretary has at that time.
    (c) Testimony Required.--Section 3(a) of the Coin Modernization, 
Oversight, and Continuity Act of 2010 is amended by adding at the end 
the following: ``Each time such report is made, the Secretary of the 
Treasury, or his designee, shall testify to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on the contents of the 
report.''.
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