[Congressional Record Volume 146, Number 111 (Tuesday, September 19, 2000)]
[House]
[Pages H7804-H7806]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
2002 WINTER OLYMPIC COMMEMORATIVE COIN ACT
Mr. BACHUS. Mr. Speaker, I move to suspend the rules and pass the
bill (H.R. 3679) to provide for the minting of commemorative coins to
support the 2002 Salt Lake Olympic Winter Games and the programs of the
United States Olympic Committee, as amended.
The Clerk read as follows:
H.R. 3679
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 ``2002 Winter Olympic
Commemorative Coin Act''.
SEC. 2. COIN SPECIFICATIONS.
(a) Denominations.--The Secretary of the Treasury
(hereinafter in this Act referred to as the ``Secretary'')
shall mint and issue the following coins:
(1) Five dollar gold coins.--Not more than 80,000 $5 coins,
which shall weigh 8.359 grams, have a diameter of 0.850
inches, and contain 90 percent gold and 10 percent alloy.
(2) One dollar silver coins.--Not more than 400,000 $1
coins, which shall weigh 26.73 grams, have a diameter of
1.500 inches, and contain 90 percent silver and 10 percent
copper.
(b) Design.--The design of the coins minted under this Act
shall be emblematic of the participation of American athletes
in the 2002 Olympic Winter Games. On each coin there shall be
a designation of the value of the coin, an inscription of the
year ``2002'', and inscriptions of the words ``Liberty'',
``In God We Trust'', ``United States of America'', and ``E
Pluribus Unum''.
(c) Legal Tender.--The coins minted under this Act shall be
legal tender, as provided in section 5103 of title 31, United
States Code.
(d) Numismatic Items.--For purposes of section 5134 of
title 31, United States Code, all coins minted under this Act
shall be considered to be numismatic items.
SEC. 3. SOURCES OF BULLION.
(a) Gold.--The Secretary shall obtain gold for minting
coins under this Act pursuant to the authority of the
Secretary under other provisions of law.
(b) Silver.--The Secretary shall obtain silver for minting
coins under this Act from any available source, including
from stockpiles established under the Strategic and Critical
Materials Stock Piling Act.
SEC. 4. SELECTION OF DESIGN.
The design for the coins minted under this Act shall be--
(1) selected by the Secretary after consultation with--
(A) the Commission of Fine Arts;
(B) the United States Olympic Committee; and
(C) Olympic Properties of the United States--Salt Lake
2002, L.L.C., a Delaware limited liability company created
and owned by the Salt Lake Organizing Committee for the
Olympic Winter Games of 2002 (hereinafter in this Act
referred to as ``Olympic Properties of the United States'');
and
(2) reviewed by the Citizens Commemorative Coin Advisory
Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be
issued in uncirculated and proof qualities.
(b) Commencement of Issuance.--The Secretary may issue
coins minted under this Act beginning January 1, 2002, except
that the Secretary may initiate sales of such coins, without
issuance, before such date.
(c) Termination of Minting Authority.--No coins shall be
minted under this Act after December 31, 2002.
SEC. 6. SALE OF COINS.
(a) Sale Price.--Notwithstanding any other provision of
law, the coins issued under this Act shall be sold by the
Secretary at a price equal to the face value, plus the cost
of designing and issuing such coins (including labor,
materials, dies, use of machinery, overhead expenses, and
marketing).
(b) Bulk Sales.--The Secretary shall make bulk sales of the
coins issued under this Act at a reasonable discount.
(c) Prepaid Orders at a Discount.--The Secretary shall
accept prepaid orders for the coins minted under this Act
before the issuance of such coins. Sales under this
subsection shall be at a reasonable discount.
SEC. 7. SURCHARGES.
(a) Surcharge Required.--All sales shall include a
surcharge of $35 per coin for the $5 coins and $10 per coin
for the $1 coins.
(b) Distribution.--Subject to section 5134(f) of title 31,
United States Code, all surcharges which are received by the
Secretary from the sale of coins issued under this Act shall
be promptly paid by the Secretary as follows:
(1) Salt lake organizing committee for the olympic winter
games of 2002.--One half to the Salt Lake Organizing
Committee for the Olympic Winter Games of 2002 for use in
staging and promoting the 2002 Salt Lake Olympic Winter
Games.
(2) United states olympic committee.--One half to the
United States Olympic Committee for use by the Committee for
the objects and purposes of the Committee as established in
the Amateur Sports Act of 1978.
(c) Audits.--Each organization that receives any payment
from the Secretary under this section shall be subject to the
audit requirements of section 5134(f)(2) of title 31, United
States Code.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Alabama (Mr. Bachus) and the gentlewoman from California (Ms. Waters)
each will control 20 minutes.
[[Page H7805]]
The Chair recognizes the gentleman from Alabama (Mr. Bachus).
General Leave
Mr. BACHUS. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days within which to revise and extend their remarks
and include extraneous material on H.R. 3679, the bill under
consideration.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Alabama?
There was no objection.
Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, it is particularly fitting that this legislation comes
before the House at this time, for the Summer Olympic Games in Sydney
have captured our attention. Those games began only 4 days ago and are
in full swing as we speak.
In less than 18 months, in February of 2002, our attention will be
focused on Salt Lake City, where the Winter Olympic Games will
commence. Anyone who has watched the Olympic competition is thrilled
with the tremendous athletic accomplishments of all the young people
involved; not only our young people but those throughout the world.
Anyone who buys a silver $1 coin or a $5 gold coin authorized by the
legislation under consideration will have the satisfaction of knowing
that the surcharge they pay on this coin will go to support our
American athletes as they train for the upcoming 2002 Winter Olympics.
The legislation under consideration is sponsored by the gentleman
from Utah (Mr. Cook). The legislation has widespread support. It is
cosponsored by 290 of his colleagues. A similar bill has been
introduced in the Senate. It has the requisite 67 cosponsors and, in
fact, has been marked up by the Senate Banking Committee.
Mr. Speaker, I yield such time as he may consume to the gentleman
from Utah (Mr. Cook), the sponsor of the legislation.
Mr. COOK. Mr. Speaker, I thank the gentleman from Alabama (Mr.
Bachus) for yielding me this time.
Mr. Speaker, first of all, I would like to thank the gentleman from
Alabama (Mr. Bachus) for his efforts in bringing H.R. 3679, the 2002
Winter Olympic Commemorative Coin Act, to the floor today. A
commemorative coin program has been a part of every U.S. Olympics Games
since 1952.
In fact, the Olympic coin has become an important Olympic tradition
in the United States and internationally as well. It is especially
timely that this bill should come to the House floor now as the world
watches the Summer Olympics in Sydney, Australia. I am sure many of us
have been glued to the television watching our young swimmers, like
Jenny Thompson, Megan Quann and Tom Dolan, break records and bring home
the gold. As America and my home State of Utah look forward to hosting
the Olympic Winter Games in 2002, passing this coin bill is a big step
toward preparing for that monumental international event in our own
country and preparing our athletes to compete.
Throughout the world, coin programs serve as national symbols of both
morale and financial support for the games. The surcharges generated by
this coin program will provide an important source of revenue for the
training and support of U.S. athletes, as well as for hosting the
Olympic Games.
Some of my colleagues may remember some of the problems connected
with the Atlanta Olympic Games coin program. I want to assure my
colleagues that H.R. 3679 has been thoughtfully and carefully crafted
to overcome and prevent those problems from occurring once again.
This coin program has been developed in conjunction with the U.S.
Mint and the Citizens Commemorative Coin Advisory Committee, which
represents the Nation's coin collectors, the main purchasers of
commemorative coins. With only 400,000 $1 silver coins and 80,000 $5
gold coins authorized, the program is expected to sell out and raise
over $4 million for our Olympic athletes at no cost to the taxpayers.
Finally, I would like to thank the 290 Members of this Congress who
joined me in celebrating the Olympic spirit by cosponsoring H.R. 3679.
Helping our Olympic athletes achieve their dreams is something I think
we can all be proud to support.
Mr. BACHUS. Mr. Speaker, I reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of this bill. This bill provides for
the minting of commemorative coins to support the 2002 Salt Lake
Olympic Winter Games and the programs of the United States Olympic
Committee. As we witness the joy of watching the Summer Olympics in
Sydney, and the pride that our American athletes bring to our country,
I am pleased to support a commemorative coin for the Winter Games of
2002, which will be coming back to the United States.
An act of Congress to issue this coin is consistent with the long
tradition of issuing commemorative coins for the important events that
shape our Nation's history, as well as for our national heroes.
We have in the past issued commemorative coins for other Olympics
games held in the U.S., as well as for other 1994 soccer world cups
also held in 12 cities across the United States. As laid out in the
legislation, the design of the commemorative coin shall be emblematic
of the participation of American athletes in the 2002 Olympic Winter
Games. Each coin must have a designation of the value of the coin, an
inscription of the year 2002, and, following U.S. tradition,
inscriptions of the words: In God We Trust, United States of America,
and E Pluribus Unum.
Half of the coin proceeds will go to the Salt Lake Organizing
Committee for use in the staging and promotion of the games and the
other half to the U.S. Olympic Committee. I certainly urge adoption of
this bill.
I have one comment that I would like to add. I think the Olympic
Games are extremely important. Not only does it give us the opportunity
to compete with other very, very fine athletes from all around the
world, it is really a geography lesson that is learned as we watch the
competition in various parts of the world; and I would like for the
aborigines in Sydney to know that we are learning about them as we
watch the games in Sydney and that their plight is not unnoticed.
Mr. Speaker, I yield back the balance of my time.
Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I want to reinforce what the gentleman from Utah (Mr.
Cook) earlier said, and that this legislation is a far cry from that
which created the 1996 Atlanta Olympic Games Coin program. That program
had multiple coins. It was overly ambitious. According to the General
Accounting Office, it lost several million dollars.
This legislation profited from those mistakes. The gentleman from
Delaware (Mr. Castle), who was then chairman of the Subcommittee on
Domestic and International Monetary Policy, made several reforms on the
commemorative coin program. Those reforms are incorporated in this
bill. One important reform is that no surcharges from a commemorative
program may be paid to a beneficiary organization until the taxpayer
has been made whole for the cost of designing and producing the coin.
That is done in this series.
The sponsor of this legislation, the gentleman from Utah (Mr. Cook),
the gentleman from Utah (Mr. Cannon), and the Salt Lake Committee, all
worked with the U.S. Olympic Committee and with the Senate and House
Committee on Banking and Financial Services, recognizing this recent
history and this legislation contains several changes from that
previous commemorative coin legislation aimed at increasing the
integrity of the program.
The most important change, one which has been praised by the coin
collectors, is reduction in the standard maximum mintage level, which
should make these coins retain its value for collectors, which
traditionally buy about 90 percent of these coins. The Olympic
committees have also worked closely with the Mint, with the Citizens
Commemorative Coin Advisory Committee to devise this program. I would
like to commend both the gentleman from Utah (Mr. Cook) and the
gentleman from Utah (Mr. Cannon) for their efforts, along with the
gentlewoman from California (Ms. Waters) and the gentleman from New
York (Mr. LaFalce) for their efforts.
[[Page H7806]]
Mr. Speaker, I yield such time as he may consume to the gentleman
from Utah (Mr. Cannon).
Mr. CANNON. Mr. Speaker, first of all, I would like to thank the
subcommittee chairman, the gentleman from Alabama (Mr. Bachus), for his
efforts to bring this bill to the floor, and also my colleague from
Utah (Mr. Cook), for his hard work in moving this issue forward. As
many of the Members know, it takes 290 cosponsors on a bill to move a
commemorative coin bill forward, and that takes a lot of effort.
So I would also like to thank all of my colleagues who have worked
with us to cosponsor this bill and bring it to this stage.
We are going to have the Winter Olympics in Salt Lake City in
February of 2002, and while in Utah we like to think of these as our
Olympics. In fact they are America's Olympics, and it has been
wonderful to work with our colleagues to help support that idea that
this is the American Olympics.
I am personally proud of the Olympics because about 80 percent of the
venues are going to be in my district, and frankly I know there are a
lot of Congressmen who believe they have beautiful districts, but none
are nearly so beautiful as mine. And so we invite everyone to come to
the Olympics and to see another one of these areas in my district like
Moab, where we have the Great Red Rock country where people go down and
bike.
This commemorative coin is really about athletes; and now that we
have the Summer Olympics going on in Sydney, it is good to consider
just for a moment the benefits that they will get. We expect that this
commemorative coin will raise about $6 million, which will be split
evenly between the U.S. Olympic Committee and the Salt Lake Olympic
Committee, and the proceeds of that money will all go to training
athletes. So this is a great way to perpetuate the American tradition
of winning the Olympics, as we are currently doing.
Mr. BACHUS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, this is a good commemorative coin program. I commend it
to the Members. It honors a great tradition, the Olympics. It honors
and supports our great U.S. Olympic team, those athletes.
Mr. Speaker, I simply join the gentleman from Utah (Mr. Cannon) and
the gentleman from Utah (Mr. Cook) in urging all Members to support it.
Mr. Speaker, I have no other requests for time, and I yield back the
balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Alabama (Mr. Bachus) that the House suspend the rules
and pass the bill, H.R. 3679, as amended.
The question was taken; and (two-thirds having voted in favor
thereof) the rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
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