[Congressional Record (Bound Edition), Volume 156 (2010), Part 12]
[House]
[Pages 17089-17091]
[From the U.S. Government Publishing Office, www.gpo.gov]




       COIN MODERNIZATION, OVERSIGHT, AND CONTINUITY ACT OF 2010

  Mr. WATT. Madam Speaker, I ask unanimous consent that the Committee 
on Financial Services be discharged from further consideration of

[[Page 17090]]

the bill (H.R. 6162) to provide research and development authority for 
alternative coinage materials to the Secretary of the Treasury, 
increase congressional oversight over coin production, and ensure the 
continuity of certain numismatic items, 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. 6162

       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 ``Coin Modernization, 
     Oversight, and Continuity Act of 2010''.

     SEC. 2. AUTHORITY TO CONDUCT RESEARCH AND DEVELOPMENT ON ALL 
                   CIRCULATING COINS.

       (a) In General.--To accomplish the goals of this Act and 
     the requirements of subchapter II of chapter 51 of title 31, 
     United States Code, the Secretary of the Treasury may--
       (1) conduct any appropriate testing of appropriate coinage 
     metallic materials within or outside of the Department of the 
     Treasury; and
       (2) solicit input from or otherwise work in conjunction 
     with entities within or outside of the Federal Government 
     including independent research facilities or current or 
     potential suppliers of the metallic material used in volume 
     production of circulating coins,

     to complete the report referred to in this Act and to 
     develop, evaluate or begin the use of new metallic materials 
     for such production.
       (b) Factors To Be Considered.--In the conduct of research, 
     development, and the solicitation of input or work in 
     conjunction with entities within and outside the Federal 
     Government, and in reporting to the Congress with 
     recommendations, as required by this Act, the Secretary of 
     the Treasury shall consider the following:
       (1) Factors relevant to the potential impact of any 
     revisions to the composition of the material used in coin 
     production on the current coinage material suppliers.
       (2) Factors relevant to the ease of use and ability to co-
     circulate of new coinage materials, including the effect on 
     vending machines and commercial coin processing equipment and 
     making certain, to the greatest extent practicable, that any 
     new coins work without interruption in existing coin 
     acceptance equipment without modification.
       (3) Such other factors that the Secretary of the Treasury, 
     in consultation with merchants who would be affected by any 
     change in the composition of circulating coins, vending 
     machine and other coin acceptor manufacturers, vending 
     machine owners and operators, transit officials, municipal 
     parking officials, depository institutions, coin and currency 
     handlers, armored-car operators, car wash operators, and 
     American-owned manufacturers of commercial coin processing 
     equipment, considers to be appropriate and in the public 
     interest, after notice and opportunity for comment.

     SEC. 3. BIENNIAL REPORT TO THE CONGRESS ON THE CURRENT STATUS 
                   OF COIN PRODUCTION COSTS AND ANALYSIS OF 
                   ALTERNATIVE CONTENT.

       (a) Report Required.--Before the end of the 2-year period 
     beginning on the date of the enactment of this Act, and at 2-
     year intervals following the end of such period, the 
     Secretary of the Treasury shall submit a report to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate analyzing production costs for 
     each circulating coin, cost trends for such production, and 
     possible new metallic materials or technologies for the 
     production of circulating coins.
       (b) Detailed Recommendations.--In preparing and submitting 
     the reports required under subsection (a), the Secretary of 
     the Treasury shall include detailed recommendations for any 
     appropriate changes to the metallic content of circulating 
     coins in such a form that the recommendations could be 
     enacted into law as appropriate.
       (c)  Improved Production Efficiency.--In preparing and 
     submitting the reports required under subsection (a), the 
     Secretary of the Treasury shall include recommendations for 
     changes in the methods of producing coins that would further 
     reduce the costs to produce circulating coins, and include 
     notes on the legislative changes that are necessary to 
     achieve such goals.
       (d) Minimizing Conversion Costs.--In preparing and 
     submitting the reports required under subsection (a), the 
     Secretary of the Treasury, to the greatest extent possible, 
     may not include any recommendation for new specifications for 
     producing a circulating coin that would require any 
     significant change to coin-accepting and coin-handling 
     equipment to accommodate changes to all circulating coins 
     simultaneously.
       (e) Fraud Prevention.--The reports required under this 
     section shall make no recommendation for a specification 
     change that would facilitate or allow the use of a coin with 
     a lesser value produced, minted, or issued by another 
     country, or the use of any token or other easily or regularly 
     produced metal device of minimal value, in the place of a 
     circulating coin produced by the Secretary.
       (f) Rule of Construction.--No provision of this Act shall 
     be construed as requiring that additional research and 
     development be conducted for any report under this Act but 
     any such report shall include information on any such 
     research and development during the period covered by the 
     report.

     SEC. 4. MEETING DEMAND FOR SILVER NUMISMATIC ITEMS.

       Section 5112(e) of title 31, United States Code is amended 
     by striking ``quantities'' and inserting ``qualities and 
     quantities that the Secretary determines are''.

     SEC. 5. TECHNICAL CORRECTIONS.

       Section 5112 of title 31, United States Code is amended--
       (1) in subsection (e), by inserting ``qualities and'' 
     before ``quantities'';
       (2) in subsection (i)(1), by inserting ``qualities and'' 
     before ``quantities''; and
       (3) in subsection (u)(1)--
       (A) by striking ``exact duplicates'' and inserting 
     ``likenesses'';
       (B) by striking subparagraph (C);
       (C) by redesignating subparagraphs (D) and (E) as 
     subparagraphs (C) and (D), respectively; and
       (D) in subparagraph (A), by striking ``of 3.0 inches'' and 
     inserting ``determined by the Secretary that is no less than 
     2.5 inches and no greater than 3.0 inches''.

                     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:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Coin Modernization, 
     Oversight, and Continuity Act of 2010''.

     SEC. 2. AUTHORITY TO CONDUCT RESEARCH AND DEVELOPMENT ON ALL 
                   CIRCULATING COINS.

       (a) In General.--To accomplish the goals of this Act and 
     the requirements of subchapter II of chapter 51 of title 31, 
     United States Code, the Secretary of the Treasury may--
       (1) conduct any appropriate testing of appropriate coinage 
     metallic materials within or outside of the Department of the 
     Treasury; and
       (2) solicit input from or otherwise work in conjunction 
     with entities within or outside of the Federal Government 
     including independent research facilities or current or 
     potential suppliers of the metallic material used in volume 
     production of circulating coins,
     to complete the report referred to in this Act and to develop 
     and evaluate the use of new metallic materials.
       (b) Factors to Be Considered.--In the conduct of research, 
     development, and the solicitation of input or work in 
     conjunction with entities within and outside the Federal 
     Government, and in reporting to the Congress with 
     recommendations, as required by this Act, the Secretary of 
     the Treasury shall consider the following:
       (1) Factors relevant to the potential impact of any 
     revisions to the composition of the material used in coin 
     production on the current coinage material suppliers.
       (2) Factors relevant to the ease of use and ability to co-
     circulate of new coinage materials, including the effect on 
     vending machines and commercial coin processing equipment and 
     making certain, to the greatest extent practicable, that any 
     new coins work without interruption in existing coin 
     acceptance equipment without modification.
       (3) Such other factors that the Secretary of the Treasury, 
     in consultation with merchants who would be affected by any 
     change in the composition of circulating coins, vending 
     machine and other coin acceptor manufacturers, vending 
     machine owners and operators, transit officials, municipal 
     parking officials, depository institutions, coin and currency 
     handlers, armored-car operators, car wash operators, and 
     American-owned manufacturers of commercial coin processing 
     equipment, considers to be appropriate and in the public 
     interest, after notice and opportunity for comment.

     SEC. 3. BIENNIAL REPORT TO THE CONGRESS ON THE CURRENT STATUS 
                   OF COIN PRODUCTION COSTS AND ANALYSIS OF 
                   ALTERNATIVE CONTENT.

       (a) Report Required.--Before the end of the 2-year period 
     beginning on the date of the enactment of this Act, and at 2-
     year intervals following the end of such period, the 
     Secretary of the Treasury shall submit a report to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate analyzing production costs for 
     each circulating coin, cost trends for such production, and 
     possible new metallic materials or technologies for the 
     production of circulating coins.
       (b) Detailed Recommendations.--In preparing and submitting 
     the reports required under subsection (a), the Secretary of 
     the Treasury shall include detailed recommendations for

[[Page 17091]]

     any appropriate changes to the metallic content of 
     circulating coins in such a form that the recommendations 
     could be enacted into law as appropriate.
       (c)  Improved Production Efficiency.--In preparing and 
     submitting the reports required under subsection (a), the 
     Secretary of the Treasury shall include recommendations for 
     changes in the methods of producing coins that would further 
     reduce the costs to produce circulating coins, and include 
     notes on the legislative changes that are necessary to 
     achieve such goals.
       (d) Minimizing Conversion Costs.--In preparing and 
     submitting the reports required under subsection (a), the 
     Secretary of the Treasury, to the greatest extent possible, 
     may not include any recommendation for new specifications for 
     producing a circulating coin that would require any 
     significant change to coin-accepting and coin-handling 
     equipment to accommodate changes to all circulating coins 
     simultaneously.
       (e) Fraud Prevention.--The reports required under this 
     section shall make no recommendation for a specification 
     change that would facilitate or allow the use of a coin with 
     a lesser value produced, minted, or issued by another 
     country, or the use of any token or other easily or regularly 
     produced metal device of minimal value, in the place of a 
     circulating coin produced by the Secretary.
       (f) Rule of Construction.--No provision of this Act shall 
     be construed as requiring that additional research and 
     development be conducted for any report under this Act but 
     any such report shall include information on any such 
     research and development during the period covered by the 
     report.

     SEC. 4. MEETING DEMAND FOR SILVER AND GOLD NUMISMATIC ITEMS.

       Subsections (e) and (i) of section 5112 of title 31, United 
     States Code are each amended by striking ``quantities'' and 
     inserting ``qualities and quantities that the Secretary 
     determines are''.

     SEC. 5. TECHNICAL CORRECTIONS.

       Section 5112(u)(1) of title 31, United States Code is 
     amended--
       (1) by striking ``exact duplicates'' and inserting 
     ``likenesses'';
       (2) by striking subparagraph (C);
       (3) by redesignating subparagraphs (D) and (E) as 
     subparagraphs (C) and (D), respectively; and
       (4) in subparagraph (A), by striking ``of 3.0 inches'' and 
     inserting ``determined by the Secretary that is no less than 
     2.5 inches and no greater than 3.0 inches''.

     SEC. 6. 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.

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