[Congressional Record Volume 149, Number 95 (Wednesday, June 25, 2003)]
[Senate]
[Page S8551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                           CBO COST ESTIMATE

  Mr. SHELBY. Mr. President, I ask unanimous consent that the 
Congressional Budget Office cost estimate for S. 498, the Joseph A. De 
Laine Congressional Gold Medal bill, be printed in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:
                                                    U.S. Congress,


                                  Congressional Budget Office,

                                    Washington, DC, June 19, 2003.
     Hon. Richard C. Shelby,
     Chairman, Committee on Banking, Housing, and Urban Affairs, 
         U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Congressional Budget Office has 
     prepared the enclosed estimate for S. 498, a bill to 
     authorize the President to posthumously award a gold medal on 
     behalf of Congress to Joseph A. De Laine in recognition of 
     his contributions to the nation.
       If you wish further details on this estimate, we will be 
     pleased to provide them. The CBO staff contact is Matthew 
     Pickford.
           Sincerely,
                                              Douglas Holtz-Eakin,
                                                         Director.
       Enclosure
     S. 498--A bill to authorize the President to posthumously 
         award a gold medal on behalf of Congress to Joseph A. De 
         Laine in recognition of his contributions to the nation
       S. 709 would authorize the President to award posthumously 
     a gold medal to Joseph De Laine Jr. to honor Reverend Joseph 
     Anthony De Laine on behalf of the Congress for his civil 
     rights contributions to the nation. The legislation would 
     authorize the U.S. Mint to spend up to $30,000 to produce the 
     gold medal. To help recover the costs of the medal, S. 498 
     would authorize the Mint to strike and sell bronze duplicates 
     of the medal at a price that covers production costs for both 
     the medal and the duplicates.
       Based on the costs of recent medals produced by the Mint, 
     CBO estimates that the bill would not significantly increase 
     direct spending from the U.S. Mint Public Enterprise Fund. We 
     estimate that the gold medal would cost about $25,000 to 
     produce in fiscal years 2003 and 2004, including around 
     $5,000 for the cost of the gold and around $20,000 for the 
     costs to design, engrave, and manufacture the medal. CBO 
     expects that the Mint would recoup little of its costs by 
     selling bronze duplicates to the public.
       S. 498 contains no intergovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act and 
     would not affect the budgets of state, local, or tribal 
     governments.
       The CBO staff contact for this estimate is Matthew 
     Pickford. This estimate was approved by Peter H. Fontaine, 
     Deputy Assistant Director for Budget Analysis.

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