[Congressional Record Volume 156, Number 133 (Wednesday, September 29, 2010)]
[House]
[Pages H7313-H7314]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1950
           AMERICAN EAGLE PALLADIUM BULLION COIN ACT OF 2010

  Mr. WATT. Madam Speaker, I ask unanimous consent that the Committee 
on Financial Services be discharged from further consideration of the 
bill (H.R. 6166) to authorize the production of palladium bullion coins 
to provide affordable opportunities for investments in precious metals, 
and for other purposes, and ask for its immediate consideration in the 
House.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from North Carolina?
  There was no objection.
  The text of the bill is as follows:

                               H.R. 6166

       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 ``American Eagle Palladium 
     Bullion Coin Act of 2010''.

     SEC. 2. PALLADIUM COIN.

       Section 5112 of title 31, United States Code, is amended--
       (1) in subsection (a), by adding at the end the following 
     new paragraph;
       ``(12) A $25 coin of an appropriate size and thickness, as 
     determined by the Secretary, that weighs 1 troy ounce and 
     contains .9995 fine palladium.''; and
       (2) by adding at the end the following new subsection:
       ``(v) Palladium Bullion Investment Coins.--
       ``(1) In general.--Subject to the submission to the 
     Secretary and the Congress of a marketing study described in 
     paragraph (8), beginning not more than 6 months after the 
     submission of the study to the Secretary and the Congress, 
     the Secretary shall mint and issue the palladium coins 
     described in paragraph (12) of subsection (a) in such 
     quantities as the Secretary may determine to be appropriate 
     to meet demand.
       ``(2) Source of bullion.--
       ``(A) In general.--The Secretary shall acquire bullion for 
     the palladium coins issued under this subsection by purchase 
     of palladium mined from natural deposits in the United 
     States, or in a territory or possession of the United States, 
     within 1 year after the month in which the ore from which it 
     is derived was mined. If no such palladium is available or if 
     it is not economically feasible to obtain such palladium, the 
     Secretary may obtain palladium for the palladium coins 
     described in paragraph (12) of subsection (a) from other 
     available sources.
       ``(B) Price of bullion.--The Secretary shall pay not more 
     than the average world price for the palladium under 
     subparagraph (A).
       ``(3) Sale of coins.--Each coin issued under this 
     subsection shall be sold for an amount the Secretary 
     determines to be appropriate, but not less than the sum of--
       ``(A) the market value of the bullion at the time of sale; 
     and
       ``(B) the cost of designing and issuing the coins, 
     including labor, materials, dies, use of machinery, overhead 
     expenses, marketing, distribution, and shipping.
       ``(4) Treatment.--For purposes of section 5134 and 5136, 
     all coins minted under this subsection shall be considered to 
     be numismatic items.
       ``(5) Quality.--The Secretary may issue the coins described 
     in paragraph (1) in both proof and uncirculated versions, 
     except that, should the Secretary determine that it is 
     appropriate to issue proof or uncirculated versions of such 
     coin, the Secretary shall, to the greatest extent possible, 
     ensure that the surface treatment of each year's proof or 
     uncirculated version differs in some material way from that 
     of the preceding year.
       ``(6) Design.--Coins minted and issued under this 
     subsection shall bear designs on the obverse and reverse that 
     are close likenesses of the work of famed American coin 
     designer and medallic artist Adolph Alexander Weinman--
       ``(A) the obverse shall bear a high-relief likeness of the 
     `Winged Liberty' design used on the obverse of the so-called 
     `Mercury dime';
       ``(B) the reverse shall bear a high-relief version of the 
     reverse design of the 1907 American Institute of Architects 
     medal; and
       ``(C) the coin shall bear such other inscriptions, 
     including `Liberty', `In God We Trust', `United States of 
     America', the denomination and weight of the coin and the 
     fineness of the metal, as the Secretary determines to be 
     appropriate and in keeping with the original design.
       ``(7) Mint facility.--Any United States mint, other than 
     the United States Mint at West Point, New York, may be used 
     to strike coins minted under this subsection other than any 
     proof version of any such coin. If the Secretary determines 
     that it is appropriate to issue any proof version of such 
     coin, coins of such version shall be struck only at the 
     United States Mint at West Point, New York.
       ``(8) Marketing study defined.--The market study described 
     in paragraph (1) means an analysis of the market for 
     palladium bullion investments conducted by a reputable, 
     independent third party that demonstrates that there would be 
     adequate demand for palladium bullion coins produced by the 
     United States Mint to ensure that such coins could be minted 
     and issued at no net cost to taxpayers.''.

                     Amendment Offered by Mr. Watt

  Mr. WATT. Madam Speaker, I have an amendment at the desk.
  The SPEAKER pro tempore. The Clerk will report the amendment.
  The Clerk read as follows:

       Strike all after the enacting clause and insert:

[[Page H7314]]

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``American Eagle Palladium 
     Bullion Coin Act of 2010''.

     SEC. 2. PALLADIUM COIN.

       Section 5112 of title 31, United States Code, is amended--
       (1) in subsection (a), by adding at the end the following 
     new paragraph;
       ``(12) A $25 coin of an appropriate size and thickness, as 
     determined by the Secretary, that weighs 1 troy ounce and 
     contains .9995 fine palladium.''; and
       (2) by adding at the end the following new subsection:
       ``(v) Palladium Bullion Investment Coins.--
       ``(1) In general.--Subject to the submission to the 
     Secretary and the Congress of a marketing study described in 
     paragraph (8), beginning not more than 1 year after the 
     submission of the study to the Secretary and the Congress, 
     the Secretary shall mint and issue the palladium coins 
     described in paragraph (12) of subsection (a) in such 
     quantities as the Secretary may determine to be appropriate 
     to meet demand.
       ``(2) Source of bullion.--
       ``(A) In general.--The Secretary shall acquire bullion for 
     the palladium coins issued under this subsection by purchase 
     of palladium mined from natural deposits in the United 
     States, or in a territory or possession of the United States, 
     within 1 year after the month in which the ore from which it 
     is derived was mined. If no such palladium is available or if 
     it is not economically feasible to obtain such palladium, the 
     Secretary may obtain palladium for the palladium coins 
     described in paragraph (12) of subsection (a) from other 
     available sources.
       ``(B) Price of bullion.--The Secretary shall pay not more 
     than the average world price for the palladium under 
     subparagraph (A).
       ``(3) Sale of coins.--Each coin issued under this 
     subsection shall be sold for an amount the Secretary 
     determines to be appropriate, but not less than the sum of--
       ``(A) the market value of the bullion at the time of sale; 
     and
       ``(B) the cost of designing and issuing the coins, 
     including labor, materials, dies, use of machinery, overhead 
     expenses, marketing, distribution, and shipping.
       ``(4) Treatment.--For purposes of section 5134 and 5136, 
     all coins minted under this subsection shall be considered to 
     be numismatic items.
       ``(5) Quality.--The Secretary may issue the coins described 
     in paragraph (1) in both proof and uncirculated versions, 
     except that, should the Secretary determine that it is 
     appropriate to issue proof or uncirculated versions of such 
     coin, the Secretary shall, to the greatest extent possible, 
     ensure that the surface treatment of each year's proof or 
     uncirculated version differs in some material way from that 
     of the preceding year.
       ``(6) Design.--Coins minted and issued under this 
     subsection shall bear designs on the obverse and reverse that 
     are close likenesses of the work of famed American coin 
     designer and medallic artist Adolph Alexander Weinman--
       ``(A) the obverse shall bear a high-relief likeness of the 
     `Winged Liberty' design used on the obverse of the so-called 
     `Mercury dime';
       ``(B) the reverse shall bear a high-relief version of the 
     reverse design of the 1907 American Institute of Architects 
     medal; and
       ``(C) the coin shall bear such other inscriptions, 
     including `Liberty', `In God We Trust', `United States of 
     America', the denomination and weight of the coin and the 
     fineness of the metal, as the Secretary determines to be 
     appropriate and in keeping with the original design.
       ``(7) Mint facility.--Any United States mint, other than 
     the United States Mint at West Point, New York, may be used 
     to strike coins minted under this subsection other than any 
     proof version of any such coin. If the Secretary determines 
     that it is appropriate to issue any proof version of such 
     coin, coins of such version shall be struck only at the 
     United States Mint at West Point, New York.
       ``(8) Marketing study defined.--The market study described 
     in paragraph (1) means an analysis of the market for 
     palladium bullion investments conducted by a reputable, 
     independent third party that demonstrates that there would be 
     adequate demand for palladium bullion coins produced by the 
     United States Mint to ensure that such coins could be minted 
     and issued at no net cost to taxpayers.''.

     SEC. 3. BUDGETARY EFFECT.

       The budgetary effects of this Act, for the purpose of 
     complying with the Statutory Pay-As-You-Go Act of 2010, shall 
     be determined by reference to the latest statement titled 
     ``Budgetary Effects of PAYGO Legislation'' for this Act, 
     submitted for printing in the Congressional Record by the 
     Chairman of the House Budget Committee, provided that such 
     statement has been submitted prior to the vote on passage.

  Mr. WATT (during the reading). Madam Speaker, I ask unanimous consent 
that the amendment be considered as read.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from North Carolina?
  There was no objection.
  The amendment was agreed to.
  The bill was ordered to be engrossed and read a third time, was read 
the third time, and passed, and a motion to reconsider was laid on the 
table.

                          ____________________