Fleet Reserve Association 100th Anniversary Act
Bill: H.R.6663 | Sponsor: Rep. Bilirakis, Gus M. (R-FL)
Policy area: Finance and Financial Sector

Summary:
Fleet Reserve Association 100th Anniversary Act
This bill directs the Department of the Treasury to mint and issue 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in recognition and celebration of the 100th anniversary of the Fleet Reserve Association. All sales of coins issued under this bill shall include a surcharge which shall be paid to the Fleet Reserve Association.

To require the Secretary of the Treasury to mint commemorative coins in 
 recognition of the 100th anniversary of the Fleet Reserve Association.

    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 ``Fleet Reserve Association 100th 
Anniversary Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) On November 11, 1924, the Fleet Reserve Association 
        (FRA) was founded by Navy Chief Yeoman George L. Carlin and 
        chartered in 1924 in Philadelphia, Pennsylvania. FRA was born 
        out of the need for an organization to protect the pay and 
        benefits of enlisted Sea Service members and their families.
            (2) The Fleet Reserve Association (FRA) is a 
        congressionally chartered, non-profit organization that 
        represents the interests of the Sea Service community. Although 
        the association was originally named for the Navy's Fleet 
        Reserve program, membership in FRA is open to all current and 
        former sailors, marines, and Coast Guard personnel.
            (3) In 1930, FRA-proposed legislation was enacted that 
        authorizes a death gratuity benefit of six months basic pay to 
        the estates of recalled Fleet Reservists who subsequently die 
        on active duty.
            (4) In 1932, FRA was successful in exempting enlisted 
        personnel from Great Depression-era pay cuts that deferred pay 
        for Federal employees by 8 to 20 percent.
            (5) In 1934, FRA regained two-thirds of the 15 percent pay 
        cut authorized in the Economy Act of 1933. The remaining 5 
        percent was restored in 1935.
            (6) In 1935, FRA was successful in obtaining eligibility 
        for Navy retirees and Fleet Reservists to receive emergency 
        care in veterans' hospitals in areas where military facilities 
        were not available.
            (7) In 1937, FRA helped advance legislation that authorized 
        commissary privileges for military widows.
            (8) In 1946, FRA was successful in establishing equity in 
        disability compensation for disabled peacetime veterans with 
        their wartime counterparts.
            (9) In 1950, FRA first proposed legislation to provide a 
        survivor benefit program as part of the military retirement 
        system.
            (10) In 1972, FRA played a major role in the enactment of 
        the Widow's Equity bill, the precursor of today's Survivor 
        Benefit Plan (SBP) and FRA sponsored the Navy's first Sailors 
        of the Year competition, a tradition that continues today.
            (11) In 1985, FRA became a founding member of The Military 
        Coalition when laws threatened to significantly cut military 
        retired pay. The FRA is one of 12 military and veterans 
        organizations that banded together to reverse the potential 
        loss of 22.5 percent in cost-of-living adjustments (COLA) over 
        a seven-year period.
            (12) In 1986, FRA played a key role in restoring full cost-
        of-living adjustments (COLA) for military retirees.
            (13) In 1996, FRA became federally chartered as part of the 
        National Defense Authorization Act for Fiscal Year 1997 (Public 
        Law 104-201).
            (14) In 2002, the Bob Stump National Defense Authorization 
        Act for Fiscal Year 2003 (Public Law 107-314) authorized 
        combat-related special compensation (CRSC) for disabled 
        uniformed services retirees wounded in combat, which FRA 
        acknowledged as a significant first step toward full concurrent 
        receipt of military retired pay and Department of Veterans 
        Affairs disability compensation.
            (15) In 2009, the FRA Education Foundation was launched in 
        conjunction with FRA's 85th anniversary.
            (16) In 2013, FRA successfully defeated efforts to reduce 
        future cost-of-living adjustments (COLA) for military retirees 
        by blocking implementation of the chained consumer price index 
        (CPI) in lieu of the current consumer price index (CPI).
            (17) November 11, 2024, will mark the 100th anniversary of 
        the Fleet Reserve Association.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--In recognition and celebration of the 100th 
anniversary of the Fleet Reserve Association, the Secretary of the 
Treasury (hereafter in this Act referred to as the ``Secretary'') shall 
mint and issue the following coins:
            (1) $5 gold coins.--Not more than 50,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain not less than 90 percent gold.
            (2) $1 silver coins.--Not more than 400,000 $1 coins, which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain not less than 90 percent silver.
            (3) Half-dollar clad coins.--Not more than 750,000 half-
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half-dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

SEC. 4. DESIGN OF COINS.

    (a) In General.--The design for the coins minted under this Act 
shall be emblematic of the Fleet Reserve Association.
    (b) Designations and Inscriptions.--On each coin minted under this 
Act there shall be--
            (1) a designation of the denomination of the coin;
            (2) an inscription of the year ``2024'';
            (3) FRA's motto: ``Loyalty, Protection, and Service''; and
            (4) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''.
    (c) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with--
                    (A) the Commission of Fine Arts; and
                    (B) the National Board of Directors of the Fleet 
                Reserve Association, as defined in the constitution and 
                bylaws of the Fleet Reserve Association; and
            (2) reviewed by the Citizens Commemorative Coin Advisory 
        Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2024.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price based upon the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in section 7(a) with respect to 
        such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge as follows:
            (1) A surcharge of $35 per coin for the $5 coin.
            (2) A surcharge of $10 per coin for the $1 coin described 
        under section 3(a)(2).
            (3) A surcharge of $5 per coin for the half-dollar coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be promptly paid by the Secretary to 
the Fleet Reserve Association for costs related to--
            (1) promoting the importance of and caring for those who 
        have served in uniform, ensuring they receive proper health 
        care and disability benefits earned through military service;
            (2) promoting the importance of, and caring for, those who 
        are still serving in the Armed Forces;
            (3) promoting the importance of maintaining the patriotic 
        values, morals, culture, and citizenship of the United States; 
        and
            (4) promoting the importance of maintaining strong 
        families, assistance for at-risk children, and activities that 
        promote their healthy and wholesome development.
    (c) Limitation.--Notwithstanding subsection (a), no surcharge may 
be included with respect to the issuance under this Act of any coin 
during a calendar year if, as of the time of such issuance, the 
issuance of such coin would result in the number of commemorative coin 
programs issued during such year to exceed the annual commemorative 
coin program issuance limitation under section 5112(m)(1) of title 31, 
United States Code (as in effect on the date of the enactment of this 
Act). The Secretary of the Treasury may issue guidance to carry out 
this subsection.
    (d) Audit.--The recipient described under subsection (b) shall be 
subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code, with regard to the amounts received under 
subsection (b).

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, are 
        disbursed to the recipient designated in section 7 until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, overhead expenses, marketing, and shipping) is 
        recovered by the United States Treasury, consistent with 
        sections 5112(m) and 5134(f) of title 31, United States Code.
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