IIA

104TH CONGRESS

1ST SESSION H. R. 2614

IN THE SENATE OF THE UNITED STATES

DECEMBER 6, 1995

Received; read twice and referred to the Committee on Banking, Housing, and

Urban Affairs

AN ACT

To reform the commemorative coin programs of the United

States Mint in order to protect the integrity of such

programs and prevent losses of Government funds, to

authorize the United States Mint to mint and issue platinum and gold bullion coins, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
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1 SECTION 1. SHORT TITLE.

2 This Act may be cited as the ‘‘Commemorative Coin

3 Authorization and Reform Act of 1995’’.

4 TITLE I—COMMEMORATIVE

5 COIN PROGRAM REFORM

6 SEC. 101. RECOVERY OF MINT EXPENSES REQUIRED BE7 FORE PAYMENT OF SURCHARGES TO ANY RE8 CIPIENT ORGANIZATION.

9 (a) CLARIFICATION OF LAW RELATING TO DEPOSIT

10 OF SURCHARGES IN THE NUMISMATIC PUBLIC ENTER11 PRISE FUND.—Section 5134(c)(2) of title 31, United

12 States Code, is amended by inserting ‘‘, including amounts

13 attributable to any surcharge imposed with respect to the

14 sale of any numismatic item’’ before the period.

15 (b) CONDITIONS ON PAYMENT OF SURCHARGES TO

16 RECIPIENT ORGANIZATIONS.—Section 5134 of title 31,

17 United States Code, is amended by adding at the end the

18 following new subsection:

19 ‘‘(f) CONDITIONS ON PAYMENT OF SURCHARGES TO

20 RECIPIENT ORGANIZATIONS.—

21 ‘‘(1) PAYMENT OF SURCHARGES.—Notwith22 standing any other provision of law, no amount de23 rived from the proceeds of any surcharge imposed on

24 the sale of any numismatic item shall be paid from

25 the fund to any designated recipient organization

26 unless—
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1 ‘‘(A) all numismatic operation and pro2 gram costs allocable to the program under

3 which such numismatic item is produced and

4 sold have been recovered; and

5 ‘‘(B) the designated recipient organization

6 submits an audited financial statement which

7 demonstrates to the satisfaction of the Sec8 retary of the Treasury that, with respect to all

9 projects or purposes for which the proceeds of

10 such surcharge may be used, the organization

11 has raised funds from private sources for such

12 projects and purposes in an amount which is

13 equal to or greater than the maximum amount

14 the organization may receive from the proceeds

15 of such surcharge.

16 ‘‘(2) ANNUAL AUDITS.—

17 ‘‘(A) ANNUAL AUDITS OF RECIPIENTS RE18 QUIRED.—Each designated recipient organiza19 tion which receives any payment from the fund

20 of any amount derived from the proceeds of any

21 surcharge imposed on the sale of any numis22 matic item shall provide, as a condition for re23 ceiving any such amount, for an annual audit,

24 in accordance with generally accepted govern25 ment auditing standards by an independent
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1 public accountant selected by the organization,

2 of all such payments to the organization begin3 ning in the first fiscal year of the organization

4 in which any such amount is received and con5 tinuing until all amounts received by such orga6 nization from the fund with respect to such sur7 charges are fully expended or placed in trust.

8 ‘‘(B) MINIMUM REQUIREMENTS FOR AN9 NUAL AUDITS.—At a minimum, each audit of a

10 designated recipient organization pursuant to

11 subparagraph (A) shall report—

12 ‘‘(i) the amount of payments received

13 by the designated recipient organization

14 from the fund during the fiscal year of the

15 organization for which the audit is con16 ducted which are derived from the proceeds

17 of any surcharge imposed on the sale of

18 any numismatic item;

19 ‘‘(ii) the amount expended by the des20 ignated recipient organization from the

21 proceeds of such surcharges during the fis22 cal year of the organization for which the

23 audit is conducted; and

24 ‘‘(iii) whether all expenditures by the

25 designated recipient organization during
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1 the fiscal year of the organization for

2 which the audit is conducted from the pro3 ceeds of such surcharges were for author4 ized purposes.

5 ‘‘(C) RESPONSIBILITY OF ORGANIZATION

6 TO ACCOUNT FOR EXPENDITURES OF SUR7 CHARGES.—Each designated recipient organiza8 tion which receives any payment from the fund

9 of any amount derived from the proceeds of any

10 surcharge imposed on the sale of any numis11 matic item shall take appropriate steps, as a

12 condition for receiving any such payment, to en13 sure that the receipt of the payment and the ex14 penditure of the proceeds of such surcharge by

15 the organization in each fiscal year of the orga16 nization can be accounted for separately from

17 all other revenues and expenditures of the orga18 nization.

19 ‘‘(D) SUBMISSION OF AUDIT REPORT.—

20 Not later than 90 days after the end of any fis21 cal year of a designated recipient organization

22 for which an audit is required under subpara23 graph (A), the organization shall—

24 ‘‘(i) submit a copy of the report to the

25 Secretary of the Treasury; and
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1 ‘‘(ii) make a copy of the report avail2 able to the public.

3 ‘‘(E) USE OF SURCHARGES FOR AUDITS.—

4 Any designated recipient organization which re5 ceives any payment from the fund of any

6 amount derived from the proceeds of any sur7 charge imposed on the sale of any numismatic

8 item may use the amount received to pay the

9 cost of an audit required under subparagraph

10 (A).

11 ‘‘(F) WAIVER OF PARAGRAPH.—The Sec12 retary of the Treasury may waive the applica13 tion of any subparagraph of this paragraph to

14 any designated recipient organization for any

15 fiscal year after taking into account the amount

16 of surcharges which such organization received

17 or expended during such year.

18 ‘‘(G) NONAPPLICABILITY TO FEDERAL EN19 TITIES.—This paragraph shall not apply to any

20 Federal agency or department or any independ21 ent establishment in the executive branch which

22 receives any payment from the fund of any

23 amount derived from the proceeds of any sur24 charge imposed on the sale of any numismatic

25 item.
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1 ‘‘(H) AVAILABILITY OF BOOKS AND

2 RECORDS.—An organization which receives any

3 payment from the fund of any amount derived

4 from the proceeds of any surcharge imposed on

5 the sale of any numismatic item shall provide,

6 as a condition for receiving any such payment,

7 to the Inspector General of the Department of

8 the Treasury or the Comptroller General of the

9 United States, upon the request of such Inspec10 tor General or the Comptroller General, all

11 books, records, and workpapers belonging to or

12 used by the organization, or by any independent

13 public accountant who audited the organization

14 in accordance with subparagraph (A), which

15 may relate to the receipt or expenditure of any

16 such amount by the organization.

17 ‘‘(3) USE OF AGENTS OR ATTORNEYS TO IN18 FLUENCE COMMEMORATIVE COIN LEGISLATION.—No

19 portion of any payment from the fund to any des20 ignated recipient organization of any amount derived

21 from the proceeds of any surcharge imposed on the

22 sale of any numismatic item may be used, directly

23 or indirectly, by the organization to compensate any

24 agent or attorney for services rendered to support or
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1 influence in any way legislative action of the Con2 gress relating to such numismatic item.

3 ‘‘(4) DESIGNATED RECIPIENT ORGANIZATION

4 DEFINED.—For purposes of this subsection, the

5 term ‘designated recipient organization’ means any

6 organization designated, under any provision of law,

7 as the recipient of any surcharge imposed on the

8 sale of any numismatic item.’’.

9 (c) SCOPE OF APPLICATION.—The amendments

10 made by this section shall apply with respect to the pro11 ceeds of any surcharge imposed on the sale of any numis12 matic item which are deposited in the Numismatic Public

13 Enterprise Fund after the date of the enactment of this

14 Act.

15 (d) REPEAL OF EXISTING RECIPIENT REPORT RE16 QUIREMENT.—Section 303 of Public Law 103—186 (31

17 U.S.C. 5112 note) is hereby repealed.

18 SEC. 102. CITIZENS COMMEMORATIVE COIN ADVISORY

19 COMMITTEE.

20 (a) FIXED TERMS FOR MEMBERS.—Section

21 5135(a)(4) of title 31, United States Code, is amended

22 to read as follows:

23 ‘‘(4) TERMS.—Each member appointed under

24 clause (i) or (iii) of paragraph (3)(A) shall be ap25 pointed for a term of 4 years.’’.
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1 (b) CHAIRPERSON.—Section 5135(a) of title 31,

2 United States Code, is amended by adding at the end the

3 following new paragraph:

4 ‘‘(6) CHAIRPERSON.—The Chairperson of the

5 Advisory Committee shall be elected by the members

6 of the Advisory Committee from among such mem7 bers.’’.

8 SEC. 104. COMMEMORATIVE CIRCULATING COIN PROGRAM.

9 (a) IN GENERAL.—The Citizens Commemorative

10 Coin Advisory Committee shall develop a recommendation

11 for a multiyear commemorative coin program involving the

12 circulating coins of the United States which would super13 sede other commemorative coin programs for the years the

14 commemorative circulating coin program is in effect.

15 (b) REPORT TO CONGRESS.—The Citizens Com16 memorative Coin Advisory Committee shall submit a re17 port to the Congress before the end of the 6-month period

18 beginning on the date of the enactment of this Act on the

19 recommendations developed by the committee pursuant to

20 subsection (a), together with such recommendations for

21 legislative or administrative action as the committee deter22 mines to be necessary or appropriate with respect to such

23 recommendations.
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1 TITLE II—PLATINUM AND GOLD

2 BULLION COINS

3 SEC. 201. PLATINUM COINS.

4 (a) IN GENERAL.—Section 5112 of title 31, United

5 States Code, is amended by adding at the end the follow6 ing new subsection:

7 ‘‘(k) PLATINUM COINS.—

8 ‘‘(1) IN GENERAL.—Notwithstanding any other

9 provision of law, the Secretary of the Treasury may

10 mint and issue platinum coins in such quantity and

11 of such variety as the Secretary determines to be ap12 propriate.

13 ‘‘(2) SPECIFICATIONS.—Platinum coins minted

14 under this subsection shall meet such specifications

15 with respect to diameter, weight, design, and

16 fineness as the Secretary, in the Secretary’s discre17 tion, may prescribe from time to time.

18 ‘‘(3) LEGAL TENDER.—The coins minted under

19 this subsection shall be legal tender, as provided in

20 section 5103 of title 31, United States Code.

21 ‘‘(4) NUMISMATIC ITEMS.—For purposes of sec22 tion 5134 of title 31, United States Code, all coins

23 minted under this subsection shall be considered to

24 be numismatic items.
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1 ‘‘(5) DESIGNATIONS AND INSCRIPTIONS.—On

2 each coin minted under this subsection, there shall

3 be—

4 ‘‘(A) a designation of the value of the coin

5 and the weight of the platinum content of the

6 coin;

7 ‘‘(B) an inscription of the year in which

8 the coin is minted or issued; and

9 ‘‘(C) inscriptions of the words ‘Liberty’,

10 ‘In God We Trust’, ‘United States of America’,

11 and ‘E Pluribus Unum’.

12 ‘‘(6) SALE PRICE.—

13 ‘‘(A) BULLION.—The bullion versions of

14 the coins issued under this Act shall be sold by

15 the Secretary at a price equal to the sum of—

16 ‘‘(i) the market value of the bullion at

17 the time of the sale; and

18 ‘‘(ii) the cost of minting, marketing,

19 and distributing the coins (including labor,

20 materials, dies, use of machinery, and pro21 motional and overhead expenses).

22 ‘‘(B) PROOF VERSIONS.—Proof versions of

23 the coins issued under this Act may be sold by

24 the Secretary at a price equal to the sum of—
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1 ‘‘(i) the cost of designing and issuing

2 the coins (including labor, materials, dies,

3 use of machinery, overhead expenses, mar4 keting, and shipping); and

5 ‘‘(ii) a reasonable profit.

6 ‘‘(7) BULK SALES.—The Secretary may make

7 bulk sales of the coins issued under this subsection

8 at a reasonable discount.’’.

9 (b) TECHNICAL AND CONFORMING AMENDMENT.—

10 Section 5112(j)(1) of title 31, United States Code, is

11 amended by inserting ‘‘, (i), or (k)’’ after ‘‘subsection (e)’’.

12 SEC. 202. AMERICAN EAGLE GOLD COINS AUTHORIZED

13 TO BE PRODUCED IN 2 OR MORE DESIGNS,

14 WEIGHTS, DIAMETERS, OR FINENESSES

15 SIMULTANEOUSLY.

16 Section 5112(i)(4) of title 31, United States Code,

17 is amended by adding at the end the following new sub18 paragraph:

19 ‘‘(C) CONTINUED MINTING TO STATUTORY

20 SPECIFICATIONS AFTER DETERMINATION TO

21 MINT COINS TO CHANGED SPECIFICATIONS.—

22 Notwithstanding any other provision of this sec23 tion, the Secretary may continue to mint and

24 issue coins in accordance with the specifications

25 contained in paragraphs (7), (8), (9), and (10)
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1 of subsection (a) and paragraph (1)(A) of this

2 subsection at the same time the Secretary is

3 minting and issuing other coins under this sub4 section in accordance with such specifications,

5 varieties, quantities, designations, and inscrip6 tions as the Secretary may determine to be ap7 propriate.’’.

8 TITLE III—MINT MANAGERIAL

9 STAFFING REFORM

10 SEC. 301. MODERNIZATION OF THE MANAGEMENT STRUC11 TURE.

12 Section 5131 of title 31, United States Code, is

13 amended—

14 (1) by striking subsection (c); and

15 (2) by redesignating subsection (d) as sub16 section (c).

Passed the House of Representatives December 5,

1995.

Attest: ROBIN H. CARLE,

Clerk.

By LINDA NAVE,

Deputy Clerk.