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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2789 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2789

 To amend title 31, United States Code, to suspend the issuance of $1 
 coins for a 15-year period, or until excess stockpiles are exhausted, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2011

  Mr. Yoder introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
 To amend title 31, United States Code, to suspend the issuance of $1 
 coins for a 15-year period, or until excess stockpiles are exhausted, 
                        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 ``Prevention of Wasteful and Unneeded 
Coins Act of 2011''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) A substantially large surplus of $1 coins, both from 
        the Presidential series and the Sacagawea series, have 
        accumulated in the vaults of the Federal Reserve System in 
        excess of over a billion dollars.
            (2) The United States mint is statutorily required to 
        continue to mint four new presidential coins each year until 
        the program is complete without consideration of excess waste 
        or unnecessary surpluses.
            (3) The Secretary of the Treasury grossly overestimated the 
        public support for $1 coins and therefore has allowed for the 
        buildup of an unnecessary stockpile of $1 coins.
            (4) Minting of coins should be based on actual demand and 
        not future estimates.
            (5) There needs to be a reduction in wasteful programs that 
        are a drain on taxpayer dollars.

SEC. 3. SUSPENSION OF ISSUANCE OF $1 COINS DUE TO EXCESS STOCKPILES.

    Section 5112(n) of title 31, United States Code, is amended by 
adding at the end the following new paragraphs:
            ``(10) Suspension of issuance of $1 coins due to excess 
        stockpiles.--
                    ``(A) In general.--No coins shall be issued under 
                this subsection or subsection (r) during the 15-year 
                period beginning on the date of the enactment of the 
                Prevention of Wasteful and Unneeded Coins Act of 2011.
                    ``(B) Exception to meet demand.--If, during any 
                period within the 15-year period described under 
                subparagraph (A), the Secretary, in consultation with 
                the Board of Governors of the Federal Reserve System, 
                determines that the demand for $1 coins exceeds the 
                amount of $1 coins held in reserve, the Secretary shall 
                certify such fact to the Congress and may, during such 
                period, resume the issuance of coins under this 
                subsection and subsection (r).
            ``(11) Avoidance of excess stockpiles.--Notwithstanding any 
        other provision of law, the Secretary may not issue any $1 
        coins under this section if such issuance would result in an 
        excess stockpile of $1 coins not in circulation.''.

SEC. 4. REMOVAL OF 20 PERCENT MINTING REQUIREMENT FOR SACAGAWEA-DESIGN 
              COINS.

    Section 5112(r) of title 31, United States Code, is amended by 
striking paragraph (5).

SEC. 5. REMOVAL OF UNMIXED SUPPLIES REQUIREMENT DURING INTRODUCTORY 
              PERIOD.

    Section 5112(p)(3)(D) of title 31, United States Code, is amended 
by striking ``ensuring that--'' and all that follows through ``(ii) 
circulating coins'' and inserting ``ensuring that circulating coins''.
                                 <all>
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