A bill to require the Secretary of the Treasury to mint coins in commemoration of Robert M. La Follette, Sr., in recognition of his important contributions to the Progressive movement, the State of Wisconsin, and the United States.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Robert M. La Follette, Sr. 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Robert M. La Follette, Sr., better known as ``Fighting 
        Bob'' La Follette, was born 150 years ago, on June 14, 1855, in 
        Primrose, Wisconsin.
            (2) Fighting Bob was elected to 3 terms in the United 
        States House of Representatives, 3 terms as Governor of 
        Wisconsin, and 4 terms as a United States Senator.
            (3) Fighting Bob founded the Progressive wing of the 
        Republican Party.
            (4) Fighting Bob was a lifelong supporter of civil rights 
        and women's suffrage, earning respect and support from such 
        distinguished Americans as Frederick Douglass and Harriet 
        Tubman Upton.
            (5) Fighting Bob helped to make the ``Wisconsin Idea'' a 
        reality at the Federal and State level, instituting election 
        reforms, environmental conservation, railroad rate regulation, 
        increased education funding, and business regulation.
            (6) Fighting Bob was a principal advocate for the 
        Seventeenth Amendment to the Constitution of the United States, 
        which calls for the election of United States Senators by 
        popular vote.
            (7) Fighting Bob delivered an historic speech, ``Free 
        Speech in Wartime'', opposing the public persecution of those 
        who sought to hold their Government accountable.
            (8) Fighting Bob played a key role in exposing the 
        corruption during the Teapot Dome Scandal.
            (9) Fighting Bob and his wife, Belle Case La Follette, 
        founded La Follette's Weekly, now renamed The Progressive, a 
        monthly magazine for the Progressive community.
            (10) Fighting Bob ran for the presidency on the Progressive 
        ticket in 1924, winning more than 17 percent of the popular 
        vote.
            (11) The Library of Congress recognized Fighting Bob in 
        1985 by naming the Congressional Research Service reading room 
        in the Madison Building in honor of both Robert M. La Follette, 
        Sr., and his son, Robert M. La Follette, Jr., for their shared 
        commitment to the development of a legislative research service 
        to support the United States Congress.
            (12) Fighting Bob was honored in 1929 with 1 of 2 statues 
        representing the State of Wisconsin in National Statuary Hall 
        in the United States Capitol.
            (13) Fighting Bob was chosen as 1 of ``Five Outstanding 
        Senators'' by the Special Committee on the Senate Reception 
        Room in 1957.
            (14) A portrait of Fighting Bob was unveiled in the Senate 
        Reception Room in March 1959.
            (15) Fighting Bob was revered by his supporters for his 
        unwavering support of his ideals, and for his tenacious pursuit 
        of a more just and accountable Government.

SEC. 3. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall mint and issue not more than 
500,000 $1 coins in commemoration of Robert M. La Follette, Sr., each 
of which shall--
            (1) weigh 26.73 grams;
            (2) have a diameter of 1.500 inches; and
            (3) contain 90 percent silver and 10 percent copper.
    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be developed in consultation with artists from the 
        State of Wisconsin, and shall be emblematic of the life and 
        accomplishments of Robert M. La Follette, Sr.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act, there shall be--
                    (A) a designation of the value of the coin;
                    (B) an inscription of the year in which the coin is 
                minted; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary, after consultation with 
        artists from the State of Wisconsin and the Commission of Fine 
        Arts; and
            (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facility.--Only 1 facility of the United States Mint may 
be used to strike any particular quality of the coins minted under this 
Act.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the calendar year beginning on January 1, 
2006.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins minted under this Act shall be sold by 
the Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in subsection (b) with respect 
        to such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Surcharges.--All sales of coins minted under this Act shall 
include a surcharge of $10 per coin.
    (c) Bulk Sales.--The Secretary shall make bulk sales of the coins 
minted under this Act at a reasonable discount.
    (d) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.

SEC. 7. DISTRIBUTION OF SURCHARGES.

    Subject to section 5134(f) of title 31, United States Code, all 
surcharges received by the Secretary from the sale of coins minted 
under this Act shall be deposited into the United States Mint Public 
Enterprise Fund.

SEC. 8. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (b) Payment for Coins.--A coin shall not be issued under this Act 
unless the Secretary has received--
            (1) full payment for the coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration Board.

Summary: Robert M. La Follette, Sr. Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue $1 coins in commemoration of Robert M. La Follette, Sr. and emblematic of his life and accomplishments. Restricts coin issuance to calendar year 2006. Imposes a surcharge of $10 per coin, to be deposited into the United States Mint Public Enterprise Fund.