[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 759 Introduced in Senate (IS)]
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115th CONGRESS
1st Session
S. 759
To save taxpayers money by improving the manufacturing and distribution
of coins and notes, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 29, 2017
Mr. McCain (for himself and Mr. Enzi) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To save taxpayers money by improving the manufacturing and distribution
of coins and notes, 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 ``Currency Optimization, Innovation,
and National Savings Act of 2017''.
SEC. 2. SAVING TAXPAYERS MONEY BY SUSPENDING PRODUCTION OF THE PENNY.
(a) Policy of the United States.--It is the policy of the United
States that--
(1) sufficient one-cent coins have already been minted to
meet demand;
(2) taxpayers have been and would continue to lose money
producing the one-cent coin; and
(3) further production of the one-cent coin is not
necessary for the next decade.
(b) Temporary Suspension of Production of the One-Cent Coin.--
Except as provided in subsection (c) and notwithstanding any other
provision of law, the Secretary of the Treasury shall cease production
of any new one-cent coins for the 10-year period beginning on the date
of enactment of this Act.
(c) Exception.--
(1) In general.--The Secretary of the Treasury shall
continue to produce one-cent coins as appropriate solely to
meet the needs of numismatic collectors of that denomination.
(2) Sale.--The one-cent coins produced under paragraph (1)
shall be sold in accordance with other general provisions
governing collectible coins (as opposed to circulating coins).
(3) Net receipts.--The net receipts from the sale of one-
cent coins produced under this exception shall equal the total
cost of production, including variable costs and the
appropriate share of fix costs of production, as determined by
the Secretary of the Treasury.
(d) GAO Study.--Not later than 3 years after the date of enactment
of this Act, the Comptroller General of the United States shall--
(1) study the effect of the suspension of production of the
one-cent coin; and
(2) submit to the Committee on the Budget and the Committee
on Banking, Housing, and Urban Affairs of the Senate and the
Committee on the Budget and the Committee on Financial Services
of the House of Representatives a report--
(A) on whether production should remain suspended
or should be reinstated; and
(B) that considers--
(i) the net savings to taxpayers from
suspension of production;
(ii) whether public demand for one-cent
coins was able to be continuously met during
the period of suspension;
(iii) whether public demand for one-cent
coins would likely continue to be met in the
future without new production;
(iv) whether the one-cent denomination of
coin should be permanently ended as was the
case with the one-half cent coin; and
(v) any other factors that are relevant.
(e) No Effect on Legal Tender.--Notwithstanding any other provision
of this section, one-cent coins are legal tender in the United States
for all debts, public and private, public charges, taxes, and duties,
regardless of the date of minting or issue.
SEC. 3. SAVING TAXPAYERS MONEY BY CHANGING THE COMPOSITION OF THE
NICKEL.
(a) New Composition Required.--Section 5112 of title 31, United
States Code, is amended by adding at the end the following:
``(w) Composition of Circulating Coins.--
``(1) In general.--Notwithstanding any other provision of
law, the Director of the United States Mint shall modify the
composition of the five-cent coin in accordance with a study
and analysis conducted by the United States Mint to a variant
of cupronickel composition equal to 80 percent copper and 20
percent nickel.
``(2) Effect.--This subsection shall remain in effect as
long as the Director of the United States Mint verifies that
the modification described in paragraph (1) will--
``(A) reduce costs to the taxpayer;
``(B) is found to be seamless through test by most
coin-acceptors; and
``(C) will have no impact on the public or on
stakeholders.
``(3) Increase in copper content.--The Director of the
United States Mint may increase the percentage of copper and
decrease the percentage of nickel in the five-cent coin if--
``(A) the Director of the United States Mint
submits to Congress a study on such a modification;
``(B) the Director of the United States Mint makes
the findings described in paragraph (2); and
``(C) the 90-day period beginning on the date on
which the study is submitted under subparagraph (A) has
expired.''.
SEC. 4. SAVING TAXPAYERS MONEY BY REPLACING $1 NOTES WITH $1 COINS.
(a) In General.--It is the policy of the United States that $1
coins should replace $1 Federal Reserve notes as the only $1 monetary
unit issued and circulated by the Board of Governors of the Federal
Reserve System.
(b) Final Date for Placing $1 Notes Into Circulation.--Beginning on
the date that is 2 years after the date of enactment of this Act, the
Board of Governors of the Federal Reserve System may not issue $1
Federal Reserve notes.
(c) Transition Period.--Before the date described in subsection
(b), the Board of Governors of the Federal Reserve System shall ensure
adequate supplies of $1 coins to meet the demand of such coins on and
after such date.
(d) Removal and Destruction of $1 Federal Reserve Notes.--The Board
of Governors of the Federal Reserve System shall ensure that all $1
Federal Reserve notes removed from circulation in accordance with the
date described in subsection (b) have been destroyed.
(e) Exception.--Notwithstanding subsections (b) and (c), the Board
of Governors of the Federal Reserve System shall produce such Federal
Reserve notes of $1 denomination as the Board of Governors determines
from time to time are appropriate solely to meet the needs of
numismatic collectors of that denomination. Such collectible versions
of $1 Federal Reserve notes shall be sold in accordance with other
general provisions governing collectible versions of notes.
(f) No Effect on Legal Tender.--Notwithstanding any other provision
of this section, $1 Federal Reserve notes are legal tender in the
United States for all debts, public and private, public charges, taxes,
and duties, regardless of the date of printing or issue.
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