[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1624 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1624

   To provide for the economical production of various United States 
                                 coins.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 23, 2011

 Mr. Brown of Massachusetts (for himself and Mr. Kerry) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To provide for the economical production of various United States 
                                 coins.

    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 ``Currency Efficiency Act of 2011''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the United States simultaneously produces several 
        versions of the $1 coins, in addition to the $1 banknote;
            (2) such duplication does not render a benefit to the 
        Nation;
            (3) 75 percent of Presidential $1 coin payments are 
        deposits to banks;
            (4) banks have redeposited more than 40 percent of issued 
        Presidential $1 coins to the Federal Reserve banks;
            (5) the Federal Reserve banks now store over $1,000,000,000 
        in excess $1 coins;
            (6) the Board of Governors of the Federal Reserve System 
        does not believe that demand for $1 coins will improve;
            (7) several original supporters of the Presidential $1 coin 
        program now express concerns about its results;
            (8) the American people have demonstrated by their actions 
        a preference for paper currency over coinage in the $1 
        denomination;
            (9) the United States faces a fiscal crisis, where 
        expending funds to produce, store, and guard unwanted currency 
        is indefensible;
            (10) it is appropriate to provide for the reform and 
        economical continuance of the production of $1 coins by the 
        Federal Government.

SEC. 3. SUSPENSION OF $1 PRESIDENTIAL COIN PROGRAM DURING SURPLUS.

    Section 5112(n)(8) of title 31, United States Code, is amended by 
adding on the end the following: ``The Secretary shall suspend issuance 
of coins under this subsection during any period for which the 
Secretary determines that the surplus supply of $1 coins exceeds the 
reasonable circulation needs for one year.''.

SEC. 4. RESTRICTION ON OVERPRODUCTION OF $1 COINS.

    Section 5112 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(w) Restriction on Overproduction of $1 Coins.--Notwithstanding 
any other provision of this section, no $1 coin may be minted or issued 
under this section during any period in which the number of $1 coins 
issued, but not in circulation, is more than 10 percent of the number 
of $1 coins in circulation.''.

SEC. 5. PRESIDENTIAL SPOUSE COINS NOT AFFECTED.

    Section 5112(o)(5)(C) of title 31, United States Code, is amended 
by adding at the end the following: ``The suspension or termination of 
the presidential coin program under subsection (n)(8) shall not affect 
the minting or issuance of coins under this subsection in chronological 
order according to the service of each such President.''.

SEC. 6. REMOVAL OF UNMIXED SUPPLIES REQUIREMENT.

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

SEC. 7. RESOLUTION OF COIN SURPLUSES AT FEDERAL RESERVE BANKS.

    The Board of Governors of the Federal Reserve System shall 
determine an inventory level of $1 coins required among their member 
banks to meet reasonable circulation needs. The Board shall, after such 
determination, adjust its inventories of $1 coins to that level through 
methods which minimize the need for further storage expenditures. 
Surpluses of $1 coins which can be most efficiently eliminated through 
destruction shall be deemed to consist of ``obsolete and worn coins 
withdrawn from circulation'' under section 5120(a) of title 31, United 
States Code.
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