[Congressional Record Volume 143, Number 14 (Thursday, February 6, 1997)]
[Senate]
[Pages S1103-S1104]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

       By Mr. STEVENS (for himself, Mr. Campbell, Mr. Murkowski, 
     and Mr. Breaux):
  S. 282. A bill to establish a recurring bi-annual Olympic 
commemorative coins program, and for other purposes; to the Committee 
on Banking, Housing, and Urban Affairs.


                  THE OLYMPIC COMMEMORATIVE COINS ACT

  Mr. STEVENS. Mr. President, I have a second bill pertaining to 
amateur sports I would like to present to the Senate today. This will 
create a recurring Olympic Commemorative Coins Program in the United 
States to provide valuable souvenirs to amateur sports enthusiasts, and 
a new source of revenue to the United States Olympic Committee, the 
USOC. These are sort of companion bills. The second bill would require 
the Secretary of the Treasury to consult with the USOC and the Citizens 
Commemorative Coin Advisory Committee on the design of a $1 silver coin 
which would commemorate each summer and winter Olympic games held 
outside the United States. Only 500,000 of such coins would be minted.
  Under the bill, a new commemorative coin would be issued every 2 
years. The summer and winter Olympics are now staggered, so that, as we 
all know, now there is an Olympic games every 2 years.
  Each coin would carry a surcharge of $10 and that money would be 
transferred by the Secretary of the Treasury to the USOC. The Secretary 
of Treasury would be required to include in the sale price of each coin 
an additional amount to pay for the costs of the program. If the coins 
sell as they have in the past, and these have been very successful 
programs in the past, the USOC could receive a total of about $5 
million for each Olympic games, in other words every 2 years. This 
would go a long way toward supporting our amateur athletes and carrying 
out our responsibilities of the Amateur Sports Act of 1978. In years 
when the Olympics are held inside the United States, the Secretary of 
the Treasury would be required to develop an expanded multicoin program 
to commemorate our Olympic Games. This program, designed by the 
Secretary, with the USOC and the Coins Committee, could provide 4 or 5 
different gold, silver or other coins in numbers larger than the 
500,000 for the games that are held outside the United States. These 
would be of special interest to travelers who would come to the United 
States for the Olympic games.
  My bill also provides discretion with respect to the surcharge in 
each coin. This would make it possible for U.S. athletes and the USOC 
to receive an even greater benefit from each coin. In the first 2 
months after the new Olympic Coins Program begins, the Secretary of 
Treasury would be prohibited from issuing other commemorative coins. In 
other words, we would like to have one period, every 2 years, of 2 
months in which the USOC's coins, the Olympic coins, would be the only 
coins available.
  The Amateur Sports Act made the USOC, as I said before, the central 
coordinating body for amateur sports in the United States. It does give 
the USOC the duty to not only select and train athletes to represent 
the United States at international competitions, but to encourage 
athletic activities through a grassroots sports program.
  I believe that the USOC carries out the Amateur Sports Act well, in 
view of the fact it does not receive support from Federal 
appropriations. As I said before, the act does not authorize such 
appropriations.
  I repeat, Mr. President, unless we find a source of revenue for the 
USOC, we are going to have a situation where it cannot carry out the 
responsibilities that were given it by Congress in 1978.
  Last year, the Senate Commerce Committee began a review of the 
Amateur Sports Act. During our first two hearings, we determined 
additional revenues are needed to provide greater grassroots sports 
opportunities in our country.
  Toward this end, the bill I am introducing would require at least 25 
percent of the revenues received by the USOC under the coins program 
would be used solely for promoting grassroots sports opportunities, and 
it would require USOC to use at least 25 percent of the revenues to 
promote and encourage physical fitness and public participation in 
amateur athletic activities; to assist organizations and persons 
concerned with sports in the development of special amateur athletic 
programs for amateurs in our country; and it would also foster the 
development of amateur athletic facilities for use by amateur athletes, 
as well as assist in making existing amateur athletic facilities 
available and to modernize them, Mr. President, which is necessary for 
their use by amateur athletes now in this country.
  I look forward on this bill to working with the chairman and ranking 
member of the Senate Judiciary Committee. I believe this bill will be 
sent to that committee. It is important legislation to be enacted in 
this Congress.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 282

       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 referred to as the ``Olympic Commemorative 
     Coins Act''.

     SEC. 2. DEFINITIONS.

       For the purposes of this Act--
       (1) the term ``Corporation'' shall mean the corporation by 
     the name of ``United States Olympic Committee'' created by 
     the Act entitled ``An Act to incorporate the United States 
     Olympic Association'', approved September 21, 1950 (36 U.S.C. 
     371 et seq.), as amended; and
       (2) the term ``Secretary'' shall mean the Secretary of the 
     Treasury.

     SEC. 3. COMMEMORATIVE COINS PROGRAMS.

       (a) Bi-Annual Olympic Coins.--Beginning in 1977, in each 
     six month period prior to the date upon which the Summer or 
     Winter Olympic Games are held in a nation other than the 
     United States, the Secretary shall issue not more than 
     500,000 commemorative one dollar coins, each of which shall--
       (1) weigh 26.73 grams;
       (2) have a diameter of 1.5 inches;
       (3) contain 90 percent silver and 10 percent alloy; and
       (4) bear the design selected by the Secretary pursuant to 
     subsection (f).
       (b) Olympic Coins When Games Are Held in the United 
     States.--In each year prior to a year in which the Summer or 
     Winter Olympic Games are held in the United States, the 
     Secretary shall develop an expanded multi-coin commemorative 
     coins program in consultation with the Corporation and the 
     Citizens Commemorative Coin Advisory Committee. The Secretary 
     shall issue such coins in the six month period to the date 
     upon which such games are held.
       (c) Exclusivity.--During the first two months of each 
     period in which coins are issued under this Act, the 
     Secretary shall not issue other commemorative coins.
       (d) Surcharges.--(1) All sales of the coins issued under 
     subsection (a) shall include a surcharge of $10 per coin.

[[Page S1104]]

       (2) All sales of the coins issued under subsection (b) 
     shall include a surcharge of between $1 and $50 per coin as 
     determined by the Secretary in consultation with the 
     Corporation.
       (e) Distribution and Use of Surcharges.--(1) All surcharges 
     received by the Secretary from the sale of coins under this 
     Act shall be promptly paid by the Secretary to the 
     Corporation.
       (2) Funds received by the Corporation under this Act shall 
     be used to carry out the Amateur Sports Act of 1978 (36 
     U.S.C. 371 et seq.), and not less than twenty-five percent of 
     such funds shall be used for the objects and purposes of 
     paragraphs (6), (7), and (9) of section 104 of such Act (36 
     U.S.C. 374).
       (f) Design.--(1) The design for each coin issued under this 
     Act shall be selected by the Secretary after consultation 
     with the Corporation.
       (2)(A) On each coin issued under this Act there shall be--
       (i) a designation of the value of the coin;
       (ii) an inscription of the year; and
       (iii) inscriptions of the words ``Liberty'', ``In God We 
     Trust'', ``United States of America'', and ``E Pluribus 
     Unum''.
       (B) On coins issued under this Act there may be, with the 
     consent of the Corporation under section 9 of the Act 
     entitled ``An Act to incorporate the United States Olympic 
     Association'', approved September 21, 1950 (36 U.S.C. 380), 
     the symbol of the International Olympic Committee, the emblem 
     of the Corporation, the words ``Olympic'', ``Olympiad'' or 
     other symbols, emblems, trademarks and names which the 
     Corporation has the exclusive right to use under that 
     section.

     SEC. 4. LEGAL TENDER.

       The coins issued under this Act shall be legal tender, as 
     provided in section 5103 of title 31, United States Code.

     SEC. 5. SOURCES OF BULLION.

       (a) Silver.--The Secretary shall obtain silver for minting 
     coins under this Act from sources the Secretary determines to 
     be appropriate, including stockpiles established under the 
     Strategic and Critical Materials Stock Piling Act.
       (b) Gold.--The Secretary shall obtain any gold for minting 
     coins under this Act pursuant to the authority of the 
     Secretary under other provisions of law.

     SEC. 6. SALE PRICE.

       Each coin issued under this Act shall be sold by the 
     Secretary at a price equal to the sum of--
       (1) the face value of the coin;
       (2) the surcharge provided in section 3 with respect to 
     such coin;
       (3) the cost of designing and issuing the coin (including 
     labor, materials, dies, use of machinery, overhead expenses, 
     marketing, and shipping); and
       (4) the estimated profit determined under section 7(b) with 
     respect to such coin.

     SEC. 7. DETERMINATION OF COSTS AND PROFIT.

       (a) Determination of Costs.--The Secretary shall determine 
     the costs incurred with respect to coins issued under this 
     Act, including overhead costs.
       (b) Determination of Profit.--Prior to the sale of each 
     edition of coin issued under this Act, the Secretary shall 
     calculate the estimated profit to be included in the sale 
     price of each such coin under section 6(4).
       (c) Prohibition on Judicial Review.--Determinations made 
     under this section shall be made at the sole discretion of 
     the Secretary and shall not be subject to judicial review.

     SEC. 8. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

       Section 5112(j) of title 31, United States Code, shall 
     apply to the procurement of goods and services necessary to 
     carry out the programs and operations of the United States 
     Mint under this Act.

     SEC. 9. AUDITS AND REPORT.

       (a) The Comptroller General of the United States shall have 
     the right to examine books, records, documents, and other 
     data of the Corporation related to the expnditure of amounts 
     it has received under section 3(e)(1).
       (b) The Corporation shall biannually transmit a report to 
     Congress and to the Secretary which shall account for the 
     expenditure of funds received under section 3(e)(1).

     SEC. 11. FINANCIAL ASSURANCES.

       It is the sense of Congress that each coin edition issued 
     under this Act should be self-sustaining and should be 
     administered so as not to result in any net cost to the 
     Numismatic Public Enterprise Fund.
                                 ______