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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3693 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3693

 To amend title 31, United States Code, to save the American taxpayers 
 money by immediately altering the metallic composition of the 1-cent 
coin, to require a prompt review and report, with recommendations, for 
cost-saving changes in the metallic content of other circulating United 
                 States coins, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           December 15, 2011

Mr. Stivers (for himself, Mr. Ryan of Ohio, and Mr. Tiberi) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL

 
 To amend title 31, United States Code, to save the American taxpayers 
 money by immediately altering the metallic composition of the 1-cent 
coin, to require a prompt review and report, with recommendations, for 
cost-saving changes in the metallic content of other circulating United 
                 States coins, and for other purposes.

    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 ``Cents and Sensibility Act''.

SEC. 2. REDUCING THE COST TO TAXPAYERS OF PRODUCING THE PENNY.

    (a) Steel Pennies Required.--Subsection (c) of section 5112 of 
title 31, United States Code, is amended to read as follows:
    ``(c) 1-Cent Coin.--
            ``(1) In general.--The 1-cent coin shall--
                    ``(A) be produced primarily of steel; and
                    ``(B) meet such other specifications as the 
                Secretary may determine to be appropriate, including 
                any change in the weight from that specified in 
                subsection (a)(6).
            ``(2) Treatment.--The 1-cent coin shall be treated to 
        impart a copper color to the appearance of the coins so that 
        the appearance is similar to 1-cent coins produced of copper-
        plated zinc before the date of the enactment of this 
        subsection.
            ``(3) Buy american steel requirement.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, the Secretary shall, in minting 1-
                cent coins, only use steel produced in the United 
                States.
                    ``(B) Exception.--Subparagraph (A) shall not apply 
                if the Secretary finds, and publishes in the Federal 
                Register the basis of such finding, that--
                            ``(i) applying subparagraph (A) would be 
                        inconsistent with the public interest; or
                            ``(ii) steel is not produced in the United 
                        States in sufficient and reasonably available 
                        quantities.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to all 1-cent coins issued after the end of the 90-day period 
beginning on the date of the enactment of this Act.

SEC. 3. REDUCING THE COST TO TAXPAYERS OF PRODUCING OTHER CIRCULATING 
              COINS WITHOUT INTERFERING WITH THE WAY SUCH COINS ARE 
              HANDLED BY BUSINESS, GOVERNMENT, AND CONSUMERS IN THE 
              COURSE OF ORDINARY COMMERCE.

    Before the end of the 180-day period beginning at the end of the 
90-day period referred to in section 2(b), the Secretary of the 
Treasury shall submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate the initial report described in section 3 
of the Coin Modernization, Oversight, and Continuity Act of 2010.
                                 <all>
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