[Congressional Record (Bound Edition), Volume 148 (2002), Part 8]
[House]
[Pages 11247-11250]
[From the U.S. 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 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

[[Page 11248]]

     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 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.--

[[Page 11249]]

       (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 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

[[Page 11250]]

 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 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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