Coin Metal Modification Authorization and Cost Savings Act of 2021
Bill: S.672 | Sponsor: Sen. Hassan, Margaret Wood (D-NH)
Policy area: Finance and Financial Sector

Summary:
Coin Metal Modification Authorization and Cost Savings Act of 2021
This bill authorizes the United States Mint to modify the metallic composition of circulating coins (including by prescribing reasonable manufacturing tolerances with respect to those coins) if a study and analysis conducted by the Mint indicates that the modification will
The Mint must notify Congress before making the modification and provide a justification for the modification.

To amend title 31, United States Code, to save Federal funds by 
 authorizing changes to the composition of circulating 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 ``Coin Metal Modification 
Authorization and Cost Savings Act of 2021''.

SEC. 2. SAVING FEDERAL FUNDS BY AUTHORIZING CHANGES TO THE COMPOSITION 
              OF CIRCULATING COINS.

    Section 5112 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(x) Composition of Circulating Coins.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, and subject to the other provisions of this subsection, 
        the Director of the United States Mint (referred to in this 
        subsection as the `Director'), in consultation with the 
        Secretary, may modify the metallic composition of circulating 
        coins to a new metallic composition (including by prescribing 
        reasonable manufacturing tolerances with respect to those 
        coins) if a study and analysis conducted by the United States 
        Mint, including solicitation of input, including input on 
        acceptor tolerances and requirements, from industry 
        stakeholders who could be affected by changes in the 
        composition of circulating coins, indicates that the 
        modification will--
                    ``(A) reduce costs incurred by the taxpayers of the 
                United States;
                    ``(B) be seamless, which shall mean the same 
                diameter and weight as United States coinage being 
                minted on the date of enactment of this subsection and 
                that the coins will work interchangeably in most coin 
                acceptors using electromagnetic signature technology; 
                and
                    ``(C) have as minimal an adverse impact as possible 
                on the public and stakeholders.
            ``(2) Notification to congress.--On the date that is at 
        least 90 legislative days before the date on which the Director 
        begins making a modification described in paragraph (1), the 
        Director shall submit to Congress notice that--
                    ``(A) provides a justification for the 
                modification, including the support for that 
                modification in the study and analysis required under 
                paragraph (1) with respect to the modification;
                    ``(B) describes how the modification will reduce 
                costs incurred by the taxpayers of the United States;
                    ``(C) certifies that the modification will be 
                seamless, as described in paragraph (1)(B); and
                    ``(D) certifies that the modification will have as 
                minimal an adverse impact as possible on the public and 
                stakeholders.
            ``(3) Congressional authority.--The Director may begin 
        making a modification proposed under this subsection not 
        earlier than the date that is 90 legislative days after the 
        date on which the Director submits to Congress the notice 
        required under paragraph (2) with respect to that modification, 
        unless Congress, during the period of 90 legislative days 
        beginning on the date on which the Director submits that 
        notice--
                    ``(A) finds that the modification is not justified 
                in light of the information contained in that notice; 
                and
                    ``(B) enacts a joint resolution of disapproval of 
                the proposed modification.
            ``(4) Procedures.--For purpose of paragraph (3)--
                    ``(A) a joint resolution of disapproval is a joint 
                resolution the matter after the resolving clause of 
                which is as follows: `That Congress disapproves the 
                modification submitted by the Director of the United 
                States Mint.'; and
                    ``(B) the procedural rules in the House of 
                Representatives and the Senate for a joint resolution 
                of disapproval described under paragraph (3) shall be 
                the same as provided for a joint resolution of 
                disapproval under chapter 8 of title 5, United States 
                Code.''.

SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.
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