[Congressional Record Volume 153, Number 173 (Thursday, November 8, 2007)]
[Extensions of Remarks]
[Page E2370]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       INTRODUCTION OF THE MAKE NO CENTS UNTIL IT MAKES SENSE ACT

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                             HON. RON PAUL

                                of texas

                    in the house of representatives

                       Thursday, November 8, 2007

  Mr. PAUL. Madam Speaker, I am introducing this bill in response to 
H.R. 3956, which would unconstitutionally delegate the authority to 
determine the metal content of coins to the Secretary of the Treasury. 
While I am concerned at the high cost of minting pennies, I am not 
entirely convinced that the Mint needs to mint as many pennies as it 
does. Over the past 30 years, over 300 billion pennies have been 
minted, more than twice as many coins as all other denominations 
combined. This is over 1,000 pennies for each man, woman, and child in 
this country.
  I find it hard to believe that with this many pennies having been 
minted, we still have a shortage of pennies. My bill would prohibit the 
minting of pennies until the Treasury and Federal Reserve certify that 
there is no surplus of pennies. If there is a surplus of pennies, it 
makes no sense for the Mint to continue to coin them if each penny 
costs more than one cent to produce. If there really were a shortage, 
the onus would be on the Treasury and Federal Reserve to conduct their 
survey in a timely fashion in order to facilitate further penny 
production.
  In the event of a shortage I would urge my colleagues to consider Mr. 
Roskam's H.R. 4036, which addresses the cost issue by changing the 
composition of pennies while maintaining the Congressional control and 
oversight mandated by the Constitution.

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