[107th Congress Public Law 201]
[From the U.S. Government Printing Office]
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[DOCID: f:publ201.107]
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SUPPORT OF AMERICAN EAGLE SILVER BULLION PROGRAM ACT
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Public Law 107-201
107th Congress
An Act
To authorize the Secretary of the Treasury to purchase silver on the
open market when the silver stockpile is depleted, to be used to mint
coins. <<NOTE: July 23, 2002 - [S. 2594]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress <<NOTE: Support of American Eagle
Silver Bullion Program Act.>> assembled,
SECTION 1. <<NOTE: 31 USC 5101 note.>> SHORT TITLE.
This Act may be cited as the ``Support of American Eagle Silver
Bullion Program Act''.
SEC. 2. <<NOTE: 31 USC 5116 note.>> FINDINGS.
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
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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.
SEC. 3. PURCHASE OF SILVER BY THE SECRETARY OF THE TREASURY.
(a) Purchase of Silver.--
(1) In general.--Section 5116(b)(2) of title 31, United
States Code, is amended by inserting after the second sentence
the following: ``At such time as the silver stockpile is
depleted, the Secretary shall obtain silver as described in
paragraph (1) to mint coins authorized under section 5112(e). If
it is not economically feasible to obtain such silver, the
Secretary may obtain silver for coins authorized under section
5112(e) from other available sources. The Secretary shall not
pay more than the average world price for silver under any
circumstances. As used in this paragraph, the term `average
world price' means the price determined by a widely recognized
commodity exchange at the time the silver is obtained by the
Secretary.''.
(2) <<NOTE: 31 USC 5116 note.>> Rulemaking authority.--The
Secretary of the Treasury shall issue regulations to implement
the amendments made by paragraph (1).
(b) <<NOTE: 31 USC 5112 note.>> Study Required.--
(1) Study.--The Secretary of the Treasury shall conduct a
study of the impact on the United States silver market of the
American Eagle Silver Bullion Program, established under section
5112(e) of title 31, United States Code.
(2) <<NOTE: Deadline.>> 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) <<NOTE: 31 USC 5116 note.>> Annual Report.--
(1) In general.--The Director of the United States Mint
shall prepare and submit to Congress an annual report on
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the purchases of silver made pursuant to this Act and the
amendments made by this Act.
(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.
Approved July 23, 2002.
LEGISLATIVE HISTORY--S. 2594:
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CONGRESSIONAL RECORD, Vol. 148 (2002):
June 21, considered and passed Senate.
June 27, considered and passed House.
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