To create a commemorative currency program featuring each of the 50 State capitols or statehouses on the $1 Federal reserve note, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``50 State Capitols Commemorative 
Currency Program''.

SEC. 2. 50 STATE CAPITOLS COMMEMORATIVE CURRENCY PROGRAM.

    Section 5114 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(d) 50 State Capitols Commemorative Currency Program.--
            ``(1) Redesign beginning in 2005.--
                    ``(A) In general.--In addition to the requirements 
                of subsection (b) (relating to the inclusion of the 
                inscription `In God We Trust' on all United States 
                currency) and the 8th undesignated paragraph of section 
                16 of the Federal Reserve Act, during the 10-year 
                period beginning on January 1, 2005, the center panel 
                of the reverse side of the $1 Federal reserve notes 
                shall incorporate designs selected in accordance with 
                this subsection which are emblematic of the capitols or 
                statehouses of the 50 States.
                    ``(B) Transition provision.--Notwithstanding 
                subparagraph (A), the Secretary may continue to print, 
                and the Board to issue, $1 Federal reserve notes in 
                2005 which bear the design in effect before the 
                redesign required under this subsection as required to 
                ensure a smooth transition into the 10-year program 
                under this subsection.
            ``(2) Single state designs.--The design on the center panel 
        of the reverse side of each $1 Federal reserve note issued 
        during the 10-year period referred to in paragraph (1) shall be 
        emblematic of the capitol or statehouse of 1 of the 50 States.
            ``(3) Issuance of notes commemorating 5 states during each 
        of the 10 years.--
                    ``(A) In general.--The designs for the $1 Federal 
                reserve notes issued during each year of the 10-year 
                period referred to in paragraph (1) shall be emblematic 
                of 5 States selected in the order in which such States 
                ratified the Constitution of the United States or were 
                admitted into the Union, as the case may be.
                    ``(B) Number of each of 5 designs in each year.--Of 
                the $1 Federal reserve notes issued during each year of 
                the 10-year period referred to in paragraph (1), the 
                Board shall prescribe, in accordance with section 16 of 
                the Federal Reserve Act and on the basis of such 
                factors as the Board determines to be appropriate, the 
                number of $1 Federal reserve notes which shall be 
                issued with each of the 5 designs selected for such 
                year.
            ``(4) Selection of design.--
                    ``(A) In general.--Each of the 50 designs required 
                under this subsection for $1 Federal reserve notes 
                shall be--
                            ``(i) selected by the Secretary after 
                        consultation with--
                                    ``(I) the Governor of the State 
                                whose capitol or statehouse is being 
                                commemorated, or such other State 
                                officials or group as the State may 
                                designate for such purpose; and
                                    ``(II) the Commission of Fine Arts; 
                                and
                            ``(ii) reviewed by the Board and the 
                        Citizens Coinage Advisory Committee.
                    ``(B) Selection and approval process.--Designs for 
                $1 Federal reserve notes may be submitted in accordance 
                with the design selection and approval process 
                developed by the Secretary in the sole discretion of 
                the Secretary.
                    ``(C) Participation.--The Secretary may include 
                participation by State officials, artists from the 
                States, engravers of the United States Mint, and 
                members of the general public.
                    ``(D) Standards.--Because it is important that the 
                Nation's coinage and currency bear dignified designs of 
                which the citizens of the United States can be proud, 
                the Secretary shall not select any frivolous or 
                inappropriate design for any $1 Federal reserve note 
                subject to this subsection.
                    ``(E) Prohibition on certain representations.--No 
                head and shoulders portrait or bust of any person, 
                living or dead, and no portrait of a living person may 
                be included in the design of a State capitol or 
                statehouse on any $1 Federal reserve note under this 
                subsection.
            ``(5) Application in event of the admission of additional 
        states.--If any additional State is admitted into the Union 
        before the end of the 10-year period referred to in paragraph 
        (1), the Secretary of the Treasury may print, and the Board 
        issue, $1 Federal reserve notes, in accordance with this 
        subsection, with a design which is emblematic of the capitol or 
        statehouse of such State during any 1 year of such 10-year 
        period, in addition to the $1 Federal reserve notes issued 
        during such year in accordance with paragraph (3)(A).
            ``(6) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) Board.--The term `Board' means the Board of 
                Governors of the Federal Reserve System.
                    ``(B) Secretary.--The term `Secretary' means the 
                Secretary of the Treasury.''.

Summary: State Capitols Commemorative Currency Program - Amends Federal law governing coinage to declare that during the ten-year period beginning on January 1, 2005, the center panel of the reverse side of the $1 Federal reserve notes shall incorporate designs emblematic of the capitols or statehouses of the 50 States, with five States selected each year in the order in which they ratified the Constitution of the United States or were admitted into the Union. Proscribes representation of any head and shoulders portrait or bust of any person, living or dead, or any portrait of a living person in the design of a State capitol or statehouse on any such $1 Federal reserve note.