Olympic Commemorative Coins Act

SECTION 1. SHORT TITLE.

    This Act may be referred to as the ``Olympic Commemorative Coins 
Act''.

SEC. 2. DEFINITIONS.

    For the purposes of this Act--
            (1) the term ``Corporation'' shall mean the corporation by 
        the name of ``United States Olympic Committee'' created by the 
        Act entitled ``An Act to incorporate the United States Olympic 
        Association'', approved September 21, 1950 (36 U.S.C. 371 et 
        seq.), as amended; and
            (2) the term ``Secretary'' shall mean the Secretary of the 
        Treasury.

SEC. 3. COMMEMORATIVE COINS PROGRAM.

    (a) Biannual Olympic Coins.--Beginning in 1997, in each 6-month 
period prior to the date upon which the Summer or Winter Olympic Games 
are held in a nation other than the United States, the Secretary shall 
issue not more than 500,000 commemorative one dollar coins, each of 
which shall--
            (1) weigh 26.73 grams;
            (2) have a diameter of 1.5 inches;
            (3) contain 90 percent silver and 10 percent alloy; and
            (4) bear the design selected by the Secretary pursuant to 
        subsection (f).
    (b) Olympic Coins When Games Are Held in the United States.--In 
each year prior to a year in which the Summer or Winter Olympic Games 
are held in the United States, the Secretary shall develop an expanded 
multi-coin commemorative coins program in consultation with the 
Corporation and the Citizens Commemorative Coin Advisory Committee. The 
Secretary shall issue such coins in the 6-month period prior to the 
date upon which such games are held.
    (c) Exclusivity.--During the first 2 months of each period in which 
coins are issued under this Act, the Secretary shall not issue other 
commemorative coins.
    (d) Surcharges.--(1) All sales of the coins issued under subsection 
(a) shall include a surcharge of $10 per coin.
    (2) All sales of the coins issued under subsection (b) shall 
include a surcharge of between $1 and $50 per coin as determined by the 
Secretary in consultation with the Corporation.
    (e) Distribution and Use of Surcharges.--(1) All surcharges 
received by the Secretary from the sale of coins under this Act shall 
be promptly paid by the Secretary to the Corporation.
    (2) Funds received by the Corporation under this Act shall be used 
to carry out the Amateur Sports Act of 1978 (36 U.S.C. 371 et seq.), 
and not less than 25 percent of such funds shall be used for the 
objects and purposes of paragraphs (6), (7), and (9) of section 104 of 
such Act (36 U.S.C. 374).
    (f) Design.--(1) The design for each coin issued under this Act 
shall be selected by the Secretary after consultation with the 
Corporation.
    (2)(A) On each coin issued under this Act there shall be--
            (i) a designation of the value of the coin;
            (ii) an inscription of the year; and
            (iii) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''.
    (B) On coins issued under this Act there may be, with the consent 
of the Corporation under section 9 of the Act entitled ``An Act to 
incorporate the United States Olympic Association'', approved September 
21, 1950 (36 U.S.C. 380), the symbol of the International Olympic 
Committee, the emblem of the Corporation, the words ``Olympic'', 
``Olympiad'' or other symbols, emblems, trademarks and names which the 
Corporation has the exclusive right to use under that section.

SEC. 4. LEGAL TENDER.

    The coins issued under this Act shall be legal tender, as provided 
in section 5103 of title 31, United States Code.

SEC. 5. SOURCES OF BULLION.

    (a) Silver.--The Secretary shall obtain silver for minting coins 
under this Act from sources the Secretary determines to be appropriate, 
including stockpiles established under the Strategic and Critical 
Materials Stock Piling Act.
    (b) Gold.--The Secretary shall obtain any gold for minting coins 
under this Act pursuant to the authority of the Secretary under other 
provisions of law.

SEC. 6. SALE PRICE.

    Each coin issued under this Act shall be sold by the Secretary at a 
price equal to the sum of--
            (1) the face value of the coin;
            (2) the surcharge provided in section 3 with respect to 
        such coin;
            (3) the cost of designing and issuing the coin (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping); and
            (4) the estimated profit determined under section 7(b) with 
        respect to such coin.

SEC. 7. DETERMINATION OF COSTS AND PROFIT.

    (a) Determination of Costs.--The Secretary shall determine the 
costs incurred with respect to coins issued under this Act, including 
overhead costs.
    (b) Determination of Profit.--Prior to the sale of each edition of 
coin issued under this Act, the Secretary shall calculate the estimated 
profit to be included in the sale price of each such coin under section 
6(4).
    (c) Prohibition on Judicial Review.--Determinations made under this 
section shall be made at the sole discretion of the Secretary and shall 
not be subject to judicial review.

SEC. 8. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    Section 5112(j) of title 31, United States Code, shall apply to the 
procurement of goods and services necessary to carry out the programs 
and operations of the United States Mint under this Act.

SEC. 9. AUDITS AND REPORT.

    (a) The Comptroller General of the United States shall have the 
right to examine books, records, documents, and other data of the 
Corporation related to the expenditure of amounts it has received under 
section 3(e)(1).
    (b) The Corporation shall biannually transmit a report to Congress 
and to the Secretary which shall account for the expenditure of funds 
received under section 3(e)(1).

SEC. 10. FINANCIAL ASSURANCES.

    It is the sense of Congress that each coin edition issued under 
this Act should be self-sustaining and should be administered so as not 
to result in any net cost to the Numismatic Public Enterprise Fund.

Summary: Olympic Commemorative Coins Act - Directs the Secretary of the Treasury to: (1) issue commemorative one-dollar coins in each six-month period prior to the date upon which the Summer or Winter Olympic Games are held in a nation other than the United States. And (2) develop an expanded multi-coin commemorative coins program in each year prior to a year in which such Games are held in the United States. Expresses the sense of the Congress that each coin edition should be self-sustaining and administered so as not to result in any net cost to the Numismatic Public Enterprise Fund.