[Congressional Record Volume 148, Number 86 (Tuesday, June 25, 2002)]
[House]
[Pages H3909-H3913]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SILVER EAGLE COIN CONTINUATION ACT OF 2002
Mr. OXLEY. Madam Speaker, I move to suspend the rules and pass the
bill (H.R. 4846) to amend title 31, United States Code, to clarify the
sources of silver for bullion coins, and for other purposes, as
amended.
The Clerk read as follows:
H.R. 4846
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 ``Silver Eagle Coin
Continuation Act of 2002''.
SEC. 2. DELETION OF LIMITATION ON ACQUISITION OF SILVER FOR
$1 COIN FROM ABOLISHED STOCK PILE.
(a) Findings.--The Congress finds that--
(1) the American Eagle silver bullion coin leads the global
market, and is the largest and most popular silver coin
program in the United States;
(2) established in 1986, the American Eagle silver bullion
program is the most successful silver bullion program in the
world;
(3) from fiscal year 1995 through fiscal year 2001, the
American Eagle silver bullion program generated--
(A) revenues of $264,100,000; and
(B) sufficient profits to significantly reduce the national
debt;
(4) with the depletion of silver reserves in the Defense
Logistic Agency's Strategic and Critical Materials Stockpile,
it is necessary for the Department of the Treasury to acquire
silver from other sources in order to preserve the American
Eagle silver bullion program;
(5) with the ability to obtain silver from other sources,
the United States Mint can continue the highly successful
American Eagle silver bullion program, exercising sound
business judgment and market acquisition practices in its
approach to the silver market, resulting in continuing
profitability of the program;
(6) in 2001, silver was commercially produced in 12 States,
including, Alaska, Arizona, California, Colorado, Idaho,
Missouri, Montana, Nevada, New Mexico, South Dakota, Utah,
and Washington;
(7) Nevada is the largest silver producing State in the
Nation, producing--
(A) 17,500,000 ounces of silver in 2001; and
(B) 34 percent of United States silver production in 2000;
(8) the mining industry in Idaho is vital to the economy of
the State, and the Silver Valley in northern Idaho leads the
world in recorded silver production, with over 1,100,000,000
ounces of silver produced between 1884 and 2001;
(9) the largest, active silver producing mine in the Nation
is the McCoy/Cove Mine in Nevada, which produced more than
107,000,000 ounces of silver between 1989 and 2001;
(10) the mining industry in Idaho--
(A) employs more than 3,000 people;
(B) contributes more than $900,000,000 to the Idaho
economy; and
(C) produces $70,000,000 worth of silver per year;
(11) the silver mines of the Comstock lode, the premier
silver producing deposit in Nevada, brought people and wealth
to the region, paving the way for statehood in 1864, and
giving Nevada its nickname as ``the Silver State'';
(12) mines in the Silver Valley--
(A) represent an important part of the mining history of
Idaho and the United States; and
(B) have served in the past as key components of the United
States war effort; and
(13) silver has been mined in Nevada throughout its
history, with every significant metal mining camp in Nevada
producing some silver.
(b) In General.--Section 5116(b)(2) of title 31, United
States Code, is amended--
(1) in the 1st sentence, by striking ``, except silver
transferred'' and all that follows through the period at the
end of such sentence and inserting ``or may obtain silver
from other sources as appropriate.''; and
(2) by striking the 2nd sentence.
(b) Study Required.--
(1) Study.--The Secretary of the Treasury shall conduct a
study of the impact on the United States silver market of the
coins minted and issued under section 5112(e) of title 31,
United States Code.
(2) Report.--Not later than 1 year after the date of
enactment of this Act, the Secretary of the Treasury shall
submit a report of the study conducted under paragraph (1) to
the chairman and ranking minority member of--
(A) the Committee on Banking, Housing, and Urban Affairs of
the Senate; and
(B) the Committee on Financial Services of the House of
Representatives.
(c) Annual Report.--
(1) In general.--The Director of the United States Mint
shall prepare and submit
[[Page H3910]]
to the Congress an annual report on the purchases of silver
made by the Secretary of the Treasury under section 5116 of
title 31, United States Code, on behalf of the United States
Mint.
(2) Concurrent submission.--The report required by
paragraph (1) may be incorporated into the annual report of
the Director of the United States Mint on the operations of
the mint and assay offices, referred to in section 1329 of
title 44, United States Code.
SEC. 3. CLARIFICATION OF EXISTING LAW.
(a) In General.--Section 5134(f)(1) of title 31, United
States Code, is amended to read as follows:
``(1) Payment of surcharges.--
``(A) In general.--Notwithstanding any other provision of
law, no amount derived from the proceeds of any surcharge
imposed on the sale of any numismatic item shall be paid from
the fund to any designated recipient organization unless--
``(i) all numismatic operation and program costs allocable
to the program under which such numismatic item is produced
and sold have been recovered; and
``(ii) the designated recipient organization submits an
audited financial statement that demonstrates, to the
satisfaction of the Secretary, the amount of funds the
organization has raised from private sources for all projects
or purposes for which the proceeds of such surcharge may be
used.
``(B) Matching fund requirement.--Notwithstanding any other
provision of law, the amount derived from the proceeds of any
surcharge imposed on the sale of any numismatic item that may
otherwise be paid from the fund, under any provision of law
relating to such numismatic item, to any designated recipient
organization shall not exceed the amount the organization has
demonstrated, in accordance with subparagraph (A)(ii), that
the organization has raised from private sources for all
projects or purposes for which the proceeds of such surcharge
may be used.
``(C) Unpaid amounts.--If any amount derived from the
proceeds of any surcharge imposed on the sale of any
numismatic item that may otherwise be paid from the fund,
under any provision of law relating to such numismatic item,
to any designated recipient organization remains unpaid to
such organization solely by reason of the matching fund
requirement contained in subparagraph (B) after the end of
the 2-year period beginning on the later of--
``(i) the last day any such numismatic item is issued by
the Secretary; or
``(ii) the date of the enactment of the Silver Eagle Coin
Continuation Act of 2002,
such unpaid amount shall be deposited in the Treasury as
miscellaneous receipts.''.
(b) Effective Date.--The amendment made by subsection (a)
shall apply as of the date of the enactment of Public Law
104-208.
SEC. 4. RESTATEMENT AND REORGANIZATION OF SECTION 5136 OF
TITLE 31, UNITED STATES CODE.
(a) In General.--Section 5136 of title 31, United States
Code, is amended to read as follows:
``Sec. 5136. United States Mint Public Enterprise Fund
``(a) Establishment.--There shall be established in the
Treasury of the United States, a fund to be known as the
United States Mint Public Enterprise Fund.
``(b) Operations of the Fund.--
``(1) Deposit of receipts.--All receipts from Mint
operations and programs, including the production and sale of
numismatic items, the production and sale of circulating
coinage, the protection of Government assets, and gifts and
bequests of property, real or personal shall be deposited
into the Fund and shall be available without fiscal year
limitations.
``(2) Payment of expenses.--All expenses incurred by the
Secretary for operations and programs of the Mint that the
Secretary determines, in the Secretary's sole discretion, to
be ordinary and reasonable incidents of Mint operations and
programs, and any expense incurred pursuant to any obligation
or other commitment of Mint operations and programs that was
entered into before the establishment of the Fund, shall be
paid out of the Fund.
``(3) Borrowing authority.--
``(A) In general.--The Secretary may borrow such funds from
the General Fund as may be necessary to meet existing
liabilities and obligations incurred prior to the receipt of
revenues into the Fund.
``(B) Repayment within 1 year.--The General Fund shall be
reimbursed by the Fund for the amount of any loan under
subparagraph (A) within 1 year of the date of the loan.
``(4) Proceeds of sale of circulating coins.--The Fund may
retain receipts from the Federal Reserve System from the sale
of circulating coins at face value for deposit into the Fund
(retention of receipts is for the circulating operations and
programs).
``(5) Expenses of citizens commemorative coin advisory
committee.--For purposes of paragraph (2), any expense
incurred by the Secretary in connection with the Citizens
Commemorative Coin Advisory Committee established under
section 5135 shall be treated as an ordinary and reasonable
incident of Mint operations and programs.
``(6) Transfer of excess amounts to the treasury.--
``(A) In general.--At such times as the Secretary
determines appropriate, but not less than annually, any
amount in the Fund that is determined to be in excess of the
amount required by the Fund shall be transferred to the
Treasury for deposit as miscellaneous receipts.
``(B) Report to congress.--The Secretary shall submit an
annual report to the Congress containing--
``(i) a statement of the total amount transferred to the
Treasury pursuant to subparagraph (A) during the period
covered by the report;
``(ii) a statement of the amount by which the amount on
deposit in the Fund at the end of the period covered by the
report exceeds the estimated operating costs of the Fund for
the 1-year period beginning at the end of such period; and
``(iii) an explanation of the specific purposes for which
such excess amounts are being retained in the Fund.
``(c) Initial Capitalization of Fund.--The Secretary shall
transfer to the Fund all assets and liabilities of the Mint
operations and programs, including all Numismatic Public
Enterprise Fund assets and liabilities, all receivables,
unpaid obligations and unobligated balances from the Mint's
appropriation, the Coinage Profit Fund, and the Coinage Metal
Fund, and the land and buildings of the Philadelphia Mint,
Denver Mint, and the Fort Knox Bullion Depository.
``(d) Budget Treatment.--
``(1) In general.--The Secretary shall prepare budgets for
the Fund, and estimates and statements of financial condition
of the Fund in accordance with the requirements of section
9103 which shall be submitted to the President for inclusion
in the budget submitted under section 1105.
``(2) Inclusion in annual report.--Statements of the
financial condition of the Fund shall be included in the
Secretary's annual report on the operation of the Mint.
``(3) Treatment as wholly owned government corporation for
certain purposes.--Section 9104 shall apply to the Fund to
the same extent such section applies to wholly owned
Government corporations.
``(e) Financial Statements, Audits, and Reports.--
``(1) Annual financial statement required.--By the end of
each calendar year, the Secretary shall prepare an annual
financial statement of the Fund for the fiscal year which
ends during such calendar year.
``(2) Contents of financial statement.--Each statement
prepared pursuant to paragraph (1) shall, at a minimum,
contain--
``(A) the overall financial position (including assets and
liabilities) of the Fund as of the end of the fiscal year;
``(B) the results of the numismatic operations and programs
of the Fund during the fiscal year;
``(C) the cash flows or the changes in financial position
of the Fund;
``(D) a reconciliation of the financial statement to the
budget reports of the Fund; and
``(E) a supplemental schedule detailing--
``(i) the costs and expenses for the production, for the
marketing, and for the distribution of each denomination of
circulating coins produced by the Mint during the fiscal year
and the per-unit cost of producing, of marketing, and of
distributing each denomination of such coins; and
``(ii) the gross revenue derived from the sales of each
such denomination of coins.
``(3) Annual audits.--
``(A) In general.--Each annual financial statement prepared
under paragraph (1) shall be audited--
``(i) by--
``(I) an independent external auditor; or
``(II) the Inspector General of the Department of the
Treasury,
as designated by the Secretary; and
``(ii) in accordance with the generally accepted Government
auditing standards issued by the Comptroller General of the
United States.
``(B) Auditor's report required.--The auditor designated to
audit any financial statement of the Fund pursuant to
subparagraph (A) shall submit a report--
``(i) to the Secretary by March 31 of the year beginning
after the end of the fiscal year covered by such financial
statement; and
``(ii) containing the auditor's opinion on--
``(I) the financial statement of the Fund;
``(II) the internal accounting and administrative controls
and accounting systems of the Fund; and
``(III) the Fund's compliance with applicable laws and
regulations.
``(4) Annual report on fund.--
``(A) Report required.--By April 30 of each year, the
Secretary shall submit a report on the Fund for the most
recently completed fiscal year to the President, the
Congress, and the Director of the Office of Management and
Budget.
``(B) Contents of annual report.--The annual report
required under subparagraph (A) for any fiscal year shall
include--
``(i) the financial statement prepared under paragraph (1)
for such fiscal year;
``(ii) the audit report submitted to the Secretary pursuant
to paragraph (3)(B) for such fiscal year;
``(iii) a description of activities carried out during such
fiscal year;
``(iv) a summary of information relating to numismatic
operations and programs contained in the reports on systems
on internal accounting and administrative controls and
accounting systems submitted to the President and the
Congress under section 3512(c);
``(v) a summary of the corrective actions taken with
respect to material weaknesses
[[Page H3911]]
relating to numismatic operations and programs identified in
the reports prepared under section 3512(c);
``(vi) any other information the Secretary considers
appropriate to fully inform the Congress concerning the
financial management of the Fund; and
``(vii) a statement of the total amount of excess funds
transferred to the Treasury.
``(5) Marketing report.--
``(A) Report required for 10 years.--For each fiscal year
beginning before fiscal year 2003, the Secretary shall submit
an annual report on all marketing activities and expenses of
the Fund to the Congress before the end of the 3-month period
beginning at the end of such fiscal year.
``(B) Contents of report.--The report submitted pursuant to
subparagraph (A) shall contain a detailed description of--
``(i) the sources of income including surcharges; and
``(ii) expenses incurred for manufacturing, materials,
overhead, packaging, marketing, and shipping.
``(f) Supersession of Numismatic Public Enterprise Fund,
the Coinage Profit Fund, and the Coinage Metal Fund.--
``(1) In general.--The Numismatic Public Enterprise Fund,
the Coinage Profit Fund, and the Coinage Metal Fund shall
cease to exist as separate funds as the activities and
functions of the respective funds are subsumed under and
become subject to the Fund.
``(2) References in federal law to other funds.--Any
reference in any Federal law to the Numismatic Public
Enterprise Fund, the Coinage Profit Fund, or the Coinage
Metal Fund shall be deemed to be a reference to the Fund.
``(3) References in federal law to section 5134.--Any
reference in any Federal law to section 5134 shall be deemed
to be a reference to this section.
``(g) Definitions.--For purposes of this section, the
following definitions shall apply.--
``(1) Fund.--The term `Fund' means the United States Mint
Public Enterprise Fund established under this section.
``(2) Mint.--The term `Mint' means the United States Mint.
``(3) Mint operations and programs.--The term `Mint
operations and programs'--
``(A) means the activities concerning, and assets utilized
in, the production, administration, distribution, marketing,
purchase, sale, and management of coinage, numismatic items,
the protection and safeguarding of Mint assets and those
nonmint assets in the custody of the Mint, and the Fund; and
``(B) includes capital, personnel salaries and
compensation, functions relating to operations, marketing,
distribution, promotion, advertising, official reception and
representation, the acquisition or replacement of equipment,
the renovation or modernization of facilities, and the
construction or acquisition of new buildings.
``(4) Numismatic item.--The term `numismatic item' includes
any medal, proof coin, numismatic collectible, other monetary
issuances and products, and accessories related to any such
medal or coin.
``(5) Secretary.--The term `Secretary' means the Secretary
of the Treasury.
``(h) General Waiver.--No provision of law governing
procurement or public contracts shall be applicable to the
procurement of goods and services necessary for carrying out
Mint programs and operations.''.
(b) Rule of Construction.--The amendment made by subsection
(a) to section 5136 of title 31, United States Code--
(1) may not be construed as making any substantive change
in the meaning of any provision of such section (as in effect
on the day before the effective date of such amendment); and
(2) shall not affect any regulation prescribed, any order
issued, or any action taken before the effective date of such
amendment under or pursuant to such section (as in effect on
the day before such date).
(c) Technical Correction.--
(1) In general.--Section 522 of Public Law 104-52 (109
Stat. 494) is amended--
(A) by striking the closing quotation marks after ``public
enterprise fund.'' and inserting ``--''; and
(B) by inserting closing quotation marks and a second
period after the period at the end.
(2) Effective date.--The amendment made by paragraph (1)
shall be effective as if such amendment had been included in
section 522 of Public Law 104-52 as of the date of the
enactment of that Act.
(d) Technical and Conforming Amendments.--
(1) Transfer of superseded provisions not previously
included.--Subsections (f) and (g) of section 5134 of title
31, United States Code (as subsection (f) is amended by
section 3 of this Act) are hereby--
(A) transferred to section 5136 of title 31, United States
Code (as amended by subsection (a) of this section);
(B) inserted after subsection (h); and
(C) redesignated as subsections (i) and (j), respectively.
(2) Repeal of superseded provisions.--
(A) Section 5111 of title 31, United States Code, is
amended by striking subsection (b) and inserting the
following:
``(b) [Repealed]''.
(B) Section 5116(b)(1) of title 31, United States Code, is
amended by striking the last sentence.
(C) Section 5120(a) of title 31, United States Code, is
amended--
(i) in paragraph (1), by striking ``the coinage metal fund
under section 5111(b) of this title'' and inserting ``the
United States Mint Public Enterprise Fund''; and
(ii) by striking paragraph (2).
(D) Section 5132(a)(1) of title 31, United States Code, is
amended by striking the first 2 sentences.
(E) Section 5134 of title 31, United States Code, is hereby
repealed.
(e) Clerical Amendments.--The table of sections for
subchapter III of chapter 51, United States Code, is
amended--
(1) by striking the item relating to section 5134 and
inserting the following new item:
``5134. [Repealed].'';
(2) by striking the item relating to section 5135 and
inserting the following new item:
``5135. Citizens Commemorative Coin Advisory Committee.''; and
(3) by inserting after the item relating to section 5135
the following new item:
``5136. United States Mint Public Enterprise Fund.''.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Ohio (Mr. Oxley) and the gentlewoman from New York (Mrs. Maloney) each
will control 20 minutes.
The Chair recognizes the gentleman from Ohio (Mr. Oxley).
General Leave
Mr. OXLEY. Madam Speaker, I ask unanimous consent that all Members
may have 5 legislative days within which to revise and extend their
remarks and to insert extraneous material on this legislation, H.R.
4846.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Ohio?
There was no objection.
Mr. OXLEY. Madam Speaker, I yield myself 5 minutes.
Madam Speaker, I rise to support H.R. 4846, the Silver Eagle Coin
Continuation Act of 2002.
The American Silver Eagle coin is truly a coin for the bullion
market. It was authorized by Congress in 1983, spurred partly by the
success of the Canadian Maple Leaf $1 investment grade coin.
The American Silver Eagle has gone on to become the most popular
investment coin in the entire world. More than 100 million have been
sold, and the Maple Leaf dollar has been pretty much displaced from the
market. The Mint sells the coins for an amount that includes the actual
silver cost, plus manufacturing, distribution and marketing costs.
Right now, the coin sells for about $6.75 in uncirculated form.
Madam Speaker, when Congress authorized the Silver Eagle coin
program, the United States maintained a number of strategic materials
stockpiles, and Congress quite naturally mandated that the silver for
the new coin come from the strategic silver stockpile. In the last
decade, however, recognizing that there was no longer a real need for
most of the strategic materials stockpiles, Congress ordered a drawdown
of those reserves.
We now have come to the end of the strategic silver stockpile, but to
continue the Silver Eagle coin program we must allow the Secretary of
the Treasury, through the Mint, to acquire silver from another source.
The legislation before us does just that, keeping the program intact
and maintaining jobs both at the U.S. Mint facilities where the coin is
produced and at the refineries where the bullion for the coins is
refined.
This bill was ably drafted by the gentleman from Oklahoma (Mr. Lucas)
and includes language addressing the silver problem introduced
separately by the gentleman from Idaho (Mr. Otter).
Madam Speaker, the legislation before us also has two other sections.
One is merely clerical, restating the Mint's authority to operate but
not adding or subtracting from that authority. The bulk of the language
will be consolidated into a single section of the U.S. Code, and some
archaic references to long- defunct Mint operations are removed from
law. Also, the bill clarifies language referring to the distribution of
surcharges on the sale of U.S. commemorative coins, making it clear
that organizations which benefit from the surcharges must raise
matching funds from private sources.
Madam Speaker, compared to some of the legislation we will consider
in the House this week, this is indeed a minor bill, but to the men and
women whose jobs are on the line if we do not allow a new source of
silver for the American Silver Eagle coin program or for the
beneficiary organizations that would receive surcharge funding from
[[Page H3912]]
the sale of commemorative coins, it is most important; and I urge swift
passage of the bill.
Madam Speaker, I reserve the balance of my time.
Mrs. MALONEY of New York. Madam Speaker, I yield myself such time as
I may consume.
Madam Speaker, as ranking member of the Subcommittee on Domestic
Monetary Policy, Technology, and Economic Growth, I am pleased to rise
in support of H.R. 4846, the Silver Eagle Coin Continuation Act of
2002, a version of which passed the Senate last week by unanimous
consent.
Madam Speaker, the United States Mint's most popular Silver Eagle
coin program needs the assistance of Congress. Our strategic stockpile
of silver, which once held upwards of 730 million ounces, is nearly
depleted. In the years after World War II, this silver reserve was
developed at such a rate as to eliminate the need for further mining.
Since 1986, the U.S. Mint has slowly but surely consumed the stockpile,
creating 1-ounce investment coins at the rate of about 10 million
ounces per year. By this summer's end, our surplus in silver will be
gone. Since the silver Eagle coin program was created, the U.S. Mint
has consumed 137 million ounces.
In addition to being popular with our constituents, the program is a
boon to the Treasury. The popularity of the Silver Eagle coin continues
to rise and, according to press reports, nets more than $264 million to
the Treasury. And it has brought this money in since 1986.
When Congress created the coin, it specified that the source of
silver for the coin be the Nation's strategic silver stockpile alone.
Congress then failed to note that, at the extinction of the stockpile,
the Mint would lack authority to acquire silver for the coin from any
other source. This legislation corrects this oversight.
Without silver, the U.S. Mint cannot continue producing these coins.
Our major blank coin vendors, which have remained dependent upon our
silver stockpile, will face eminent layoffs and possible shutdowns,
which could take up to 6 months to recover from. This situation can be
avoided if we pass this legislation now.
Madam Speaker, all three sections of this legislation are technical
in nature and, to my knowledge, not at all controversial. I believe the
House should send this bill, which contains a nearly exact version of
the Senate bill, to the Senate quickly for swift passage so that the
coin program can stay in operation and workers can stay on the job. The
Senate has acted, and we should follow its lead. I urge support of this
legislation.
Madam Speaker, I reserve the balance of my time.
Mr. OXLEY. Madam Speaker, I am pleased to yield 5 minutes to the
gentleman from Oklahoma (Mr. Lucas), the author of the legislation.
Mr. LUCAS of Oklahoma. Madam Speaker, I rise in strong support of
H.R. 4846, the Silver Eagle Coin Continuation Act of 2002 and, of
course, urge its immediate passage.
The legislation before us is simple yet important. When Congress, as
has been noted, authorized the United States Mint to strike and sell
investment-grade silver bullion coins, it directed that the silver to
make such coins come only from the strategic silver stockpile
established under the Strategic and Critical Stockpiling Act. Later,
Congress ordered the sell-off of many of these stockpiles, including
the silver stockpile, but in an oversight did not allow for a new
source of silver for the American Silver Eagle coin program once the
stockpile was depleted.
I would like to note for the record that the stockpile is now totally
depleted, with the last shipment being made to the silver refiners
within the past 2 weeks. However, that means that, without a change in
law authorizing a new source of the silver used in the coin, the
program will grind to a halt. That would disappoint investors but also
have implications for jobs at the Mint and at the silver refiners here
in the United States.
Madam Speaker, the Silver Eagle coin program has been an enormous
success. Since those first coins were produced in 1986, nearly 115
million of the one-troy-ounce silver coins have been sold. The coin is
made from .999 fine silver, much purer than the old traditional
cartwheel silver dollars, such as the Morgan dollars, which were 90
percent pure. The obverse, or face, design is from the famous ``Walking
Liberty'' half dollar design, designed by Adolph A. Weinman and
produced between 1916 and 1947. The eagle on the reverse is a new
design by John Mercanti. The coins are sold for the spot cost of the
one ounce of silver, plus manufacturing, marketing, and distribution
costs. Currently, an uncirculated coin sells for about $6.75.
The legislation before us, using legislative language introduced in
the House by the gentleman from Idaho (Mr. Otter), simply strikes a
reference to using the silver stockpile as the source for the silver
coin program, directing the silver be acquired from appropriate other
sources as defined by law.
The bill before us has two other sections also, both minor. One
clarifies the congressional intent in the mid-1990 reforms of the
commemorative coin programs that were offered by the gentleman from
Delaware (Mr. Castle). Those reforms directed that organizations that
are the beneficiaries of surcharges from the sale of commemorative
coins must raise from private sources funds to match the surcharges
received. There has been some confusion about how the match would work,
and this legislation clarifies that arrangement.
This section also creates a mechanism for the eventual disposal of
any surcharge funds not paid out to a beneficiary organization because
of a failure to raise those matching funds. Currently, in Federal law,
there is no such mechanism.
Finally, the bill consolidates and restates the United States Mint's
main operating authorities, clearing out some obsolete language. No
additions or subtractions to the authorities are made. This is strictly
a housekeeping effort.
Madam Speaker, while all three sections of this bill are minor in the
overall scheme of things, they are important to many. Giving the
American Silver Eagle program a new source of silver will ensure those
who want investment grade silver coins can continue to buy them and
ensure that the jobs of those who so capably make these coins are
maintained. Clarifying the matching funds requirement will make the
bookkeeping understandable in our commemorative coin program, and
consolidating the Mint's operating authorities will make reference to
those portions of the U.S. Code much clearer.
Madam Speaker, I urge my colleagues to support this legislation.
Mrs. MALONEY of New York. Madam Speaker, having no further requests
for time, I yield back the balance of my time.
Mr. OXLEY. Madam Speaker, I am pleased to yield 3 minutes to the
gentleman from Idaho (Mr. Otter), who has shown great leadership on
this issue.
Mr. OTTER. Madam Speaker, I rise today in support of H.R. 4846
offered by my good friend and colleague, the gentleman from Oklahoma
(Mr. Lucas). I also want to take the opportunity to thank the gentleman
from Ohio (Mr. Oxley) for the accommodations he presented to my bill
and for the great leadership he has shown in bringing this bill in such
a timely manner to the floor.
Madam Speaker, H.R. 4846 will authorize the U.S. Mint to purchase
silver for the American Eagle Silver Bullion program, the most popular
silver coin in the world. Since its inception in 1986, the American
Eagle silver dollar has generated more than $200 million in deficit
reduction for this Nation.
The blanks on the American Eagle silver coins are made at the
Sunshine Mint in Coeur D'Alene, Idaho, employing more than 60 of my
constituents. Idaho, Madam Speaker, is the premier silver mining region
of the world, having produced more than 1.1 billion ounces throughout
the mining region since the 1880s and employing more than 3,000 people
statewide. Silver-related industries generate more than $800 million
for Idaho and its economy every year.
When the American Eagle program was established, the U.S. Mint
depended upon the government's stockpile of silver; and, as has been
already related, that stockpile has now been exhausted and the Mint
needs to enter the market to purchase the silver it needs. Swift
passage of legislation authorizing the Mint to purchase silver
[[Page H3913]]
will prevent a shutdown of the American Eagle production and save jobs
in Idaho, Nevada, and New York.
The American Eagle coins bear the image of Liberty on the obverse and
Eagle on the reverse. The strong sales of this coin around the world
help spread the message of American freedom. By selling bullion coins,
America provides freedom and hope for people in nations where economic
freedom is now denied and where currencies are subject to the whims of
the dictators.
{time} 1700
American Eagle bullion now allows people to invest in themselves,
save for their futures, purchase a timely commodity whose value is
unquestioned and indeed, Madam Speaker, create a storehouse of wealth
for themselves. Passage of this bill will allow these sales to
continue. I wish to thank Senators Reid and Crapo for the passage of
the Senate version of this same language, and I especially want to
thank the gentleman from Oklahoma (Mr. Lucas) and the gentleman from
Ohio (Mr. Oxley) for incorporating the language from my bill sponsored
by myself, co-sponsored by the gentleman from Nevada (Mr. Gibbons) and
the gentleman from Idaho (Mr. Simpson) into the text of this bill.
Their cooperation in this effort has been invaluable.
Mr. OXLEY. Madam Speaker, I have no further requests for time, and I
yield back the balance of my time.
The SPEAKER pro tempore (Mrs. Biggert). The question is on the motion
offered by the gentleman from Ohio (Mr. Oxley) that the House suspend
the rules and pass the bill, H.R. 4846, as amended.
The question was taken.
The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of
those present have voted in the affirmative.
Mr. OXLEY. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the
Chair's prior announcement, further proceedings on this motion will be
postponed.
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