[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3694 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3694

 To amend title 31, United States Code, to save the American taxpayers 
 money by immediately altering the metallic composition of the 5-cent 
coin, to require a prompt review and report, with recommendations, for 
cost-saving changes in the metallic content of other circulating United 
                 States coins, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 15, 2011

Mr. Stivers (for himself, Mr. Ryan of Ohio, and Mr. Tiberi) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to save the American taxpayers 
 money by immediately altering the metallic composition of the 5-cent 
coin, to require a prompt review and report, with recommendations, for 
cost-saving changes in the metallic content of other circulating United 
                 States 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 ``Saving Taxpayer Expenditures by 
Employing Less Imported Nickel Act'' or the ``STEEL Nickel Act''.

SEC. 2. REDUCING THE COST TO TAXPAYERS OF PRODUCING THE NICKLE.

    (a) Steel Nickels Required.--Section 5112 of title 31, United 
States Code, is amended--
            (1) in subsection (b), by striking ``The 5-cent coin is an 
        alloy of 75 percent copper and 25 percent nickel. In minting 5-
        cent coins, the Secretary shall use bars that vary not more 
        than 2.5 percent from the percent of nickel required.''; and
            (2) by adding at the end the following new subsection:
    ``(w) 5-Cent Coin.--
            ``(1) In general.--The 5-cent coin shall--
                    ``(A) be produced primarily of steel; and
                    ``(B) meet such other specifications as the 
                Secretary may determine to be appropriate.
            ``(2) Treatment.--The 5-cent coin shall be treated to 
        impart a color to the appearance of the coins so that the 
        appearance is similar to 5-cent coins produced before the date 
        of the enactment of this subsection.
            ``(3) Buy american steel requirement.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, the Secretary shall, in minting 5-
                cent coins, only use steel produced in the United 
                States.
                    ``(B) Exception.--Subparagraph (A) shall not apply 
                if the Secretary finds, and publishes in the Federal 
                Register the basis of such finding, that--
                            ``(i) applying subparagraph (A) would be 
                        inconsistent with the public interest; or
                            ``(ii) steel is not produced in the United 
                        States in sufficient and reasonably available 
                        quantities.''.
    (b) Conversion to New 5-Cent Specifications.--In setting 
specifications under section 5112(w) of title 31, United States Code, 
as added by subsection (a), the Secretary shall not set specifications 
that would--
            (1) require more than 1 change to coin-accepting and coin-
        handling equipment to accommodate coins produced pursuant to 
        such subsection;
            (2) facilitate or allow the use of a coin with a lesser 
        value produced by another country, or the use of any token or 
        other easily or regularly produced metal device of minimal 
        value, in the place of a circulating coin produced by the 
        Secretary; or
            (3) require changes to coin-accepting or coin-handling 
        equipment whatsoever to accommodate both coins produced with 
        the new specifications under such subsection and coins produced 
        on or before the date that is the end of the 90-day period 
        beginning on the date of the enactment of this Act.
    (c) Effective Date.--The amendment made by subsection (a) shall 
apply to all 5-cent coins issued after the end of the 90-day period 
beginning on the date of the enactment of this Act.

SEC. 3. REDUCING THE COST TO TAXPAYERS OF PRODUCING OTHER CIRCULATING 
              COINS WITHOUT INTERFERING WITH THE WAY SUCH COINS ARE 
              HANDLED BY BUSINESS, GOVERNMENT, AND CONSUMERS IN THE 
              COURSE OF ORDINARY COMMERCE.

    Before the end of the 180-day period beginning at the end of the 
90-day period referred to in section 2(b), the Secretary of the 
Treasury shall submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate the initial report described in section 3 
of the Coin Modernization, Oversight, and Continuity Act of 2010.
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