eral reserve notes issued or otherwise placed into circula-
tion by any Federal reserve bank shall have such designs
and be in such form and tenor as the Secretary may select
in accordance with this section.
(b) ISSUANCE OF NEW DESIGN EACH YEAR.—A new
design shall be selected for $2 Federal reserve notes issued
or otherwise placed into circulation by any Federal reserve
bank during each year of the 5-year period referred to in
subsection (a).
(c) SELECTION OF DESIGN.—
(1) IN GENERAL.—Each of the 5 designs re-
quired under this section for $2 Federal reserve
notes shall—
(A) be emblematic of the history of the
United States; and
(B) be selected by the Secretary of the
Treasury, after consultation with the Commis-
sion of Fine Arts.
(2) PROHIBITION
ON
CERTAIN
REPRESENTA-
TIONS.—No portrait of a living person may be in-
cluded in the design of any $2 Federal reserve note
under this subsection.
(d) PRODUCTION.—Except as provided in subsection
(a), the 8th undesignated paragraph of section 16 of the
Federal Reserve Act shall apply to all $2 Federal reserve
notes to which this section applies.
(e) RETURN TO OTHER DESIGN.—After the end of
the 5-year period referred to in subsection (a), the $2 Fed-
eral reserve note shall bear such design, and be in such
form and tenor, as the Secretary of the Treasury may de-
termine to be appropriate in accordance with the 8th un-
designated paragraph of section 16 of the Federal Reserve
Act, except that, in making any such determination, the
Secretary shall take into account the 5 designs selected
for such 5-year period and shall give such designs priority
in making the final determination.
SEC. 3. CASH TRANSACTION ROUNDING.
(a) ROUNDING OF CASH TRANSACTION VALUES TO
NEAREST 5 CENTS REQUIRED.—Notwithstanding any
other provision of law, any person selling goods or services
shall determine the total transaction value of such goods
or services in the following manner:
(1) TOTAL TRANSACTION VALUES.—The trans-
action values of goods and services shall be totaled,
any discount or deduction therefor made, and sales
tax or other tax imposed, if any, added to that total
in accordance with the law of the State in which
such goods or services are sold.
(2) ROUNDING.—
(A) ROUNDING DOWN.—If 1 cent, 2 cents,
6 cents, or 7 cents shall be contained in the re-
sulting sum, that sum shall be rounded down to
the nearest amount divisible by 5 for those indi-
viduals seeking to make payment with legal ten-
der.
(B) ROUNDING UP.—If 3 cents, 4 cents, 8
cents, or 9 cents shall be contained in the re-
sulting sum, that sum shall be rounded up to
the nearest amount divisible by 5 for any per-
son seeking to make payment with legal tender.
(b) EXCEPTION.—The provisions of subsection (a)(2)
shall not apply to—
(1) transactions the total amount of which is 2
cents or less, or
(2) transactions for which payment is made by
any demand or negotiable instrument, electronic
fund transfer, money order, credit card, or other like
instrument.
(c) NO EFFECT ON LEGAL TENDER.—All coins and
currencies of the United States, regardless of when coined,
printed, or issued, shall continue to be legal tender for
all debts, public and private, public charges, taxes, duties,
and dues, in accordance with law.
(d) COORDINATION WITH CERTAIN STATE OR LOCAL
TAX LAWS.—Any tax imposed by any State or municipal
taxing authority shall not apply to gains or losses resulting
from rounding.
(e) NUMISMATIC
ITEMS.—The Secretary of the
Treasury may produce so many one-cent pieces as the Sec-
retary determines are sufficient to include in uncirculated
sets, proof sets, and other collector sets as, from time to
time, the Secretary shall determine.
(f) EFFECTIVE DATE.—
(1) IN GENERAL.—Except as provided in para-
graph (2), this section shall take effect at the end
of the 180-day period beginning on the date of the
enactment of this Act.
(2) DELAYED EFFECTIVE DATE.—If the end of
the 180-day period referred to in paragraph (1) oc-
curs during the 3-month period beginning on No-
vember 1 of any year, this section shall take effect
on February 1 of the year immediately following
such year.
(g) RULE OF CONSTRUCTION.—No provision of this
section shall be construed as evidence of any intention to
eliminate the pricing of goods or services to the nearest
cent or mill or to alter the amount of sales tax collected
or paid to any State or municipal taxing authority.
SEC. 4. PRODUCTION OF DOCUMENTS FOR FOREIGN GOV-
ERNMENTS.
(a) IN GENERAL.—Section 5114(a) of title 31,
United States Code (relating to engraving and printing
currency and security documents) is amended—
(1) by striking ‘‘(a) The Secretary of the Treas-
ury’’ and inserting:
‘‘(a) AUTHORITY TO ENGRAVE AND PRINT.—
‘‘(1) IN
GENERAL.—The Secretary of the
Treasury’’; and
(2) by adding at the end the following new
paragraph:
‘‘(2) ENGRAVING AND PRINTING FOR FOREIGN
GOVERNMENTS.—The Secretary of the Treasury
may, if the Secretary determines that it will not
interfere with engraving and printing needs of the
United States—
‘‘(A) produce currency, postage stamps,
and other security documents for foreign gov-
ernments, subject to a determination by the
Secretary of State that such production would
be consistent with the foreign policy of the
United States; and
‘‘(B) produce security documents for
States and their political subdivisions.’’.
change in the design of, $1 Federal reserve notes after
the date of the enactment of this Act.
Æ