I 112th CONGRESS 1st Session H. R. 2760 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.

1.

Short title

This Act may be cited as the Presidential Dollar Coin Efficiency Act of 2011.

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.

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..

4.

Publicity of Presidential $1 coins

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

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.

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..