II 112th CONGRESS 2d Session S. 3612 IN THE SENATE OF THE UNITED STATES September 21, 2012 Mr. DeMint (for himself, Mr. Coburn, Mr. Graham, Mrs. Hutchison, Mr. Johnson of Wisconsin, Mr. Lee, Mr. McCain, and Mr. Risch) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, and for other purposes.

1.

Short title

This Act may be cited as the Commemorative Coins Reform Act of 2012.

2.

Prohibition on payment of surcharges to non-Federal entities

Section 5134(f) of title 31, United States Code, is amended to read as follows: (f)

Prohibition on payment of surcharges to organizations outside of the Federal Government

(1)

In general

Notwithstanding any other provision of law, no surcharges collected with respect to the sale of any numismatic item may be paid to any organization outside of the Federal Government, other than with respect to the costs of producing and selling such item. (2)

Payment of costs

Surcharges collected in connection with the sale of any numismatic item shall be used to recover all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold. (3)

Excess deposited into Treasury

Amounts of surcharges collected in excess of the amounts described in paragraph (2) shall be transferred by the Fund to the general fund of the Treasury for the purpose of deficit reduction. .

3.

Applicability

Subsection (f) of section 5134, United States Code, as amended by this Act, shall apply with respect to any commemorative coin program established or numismatic item produced pursuant to an Act enacted on or after the date of enactment of this Act.