Title: Currency Optimization, Innovation, and National Savings Act of 2017
Policy area: Finance and Financial Sector

Summary:
Currency Optimization, Innovation, and National Savings Act of 2017

This bill directs the Government Accountability Office to study the production cost of the one-cent coin and ways the production cost could be lowered while maintaining the utility of the coin.
The bill provides for the replacement of $1 notes with $1 coins as the only $1 monetary unit in circulation. Treasury will no longer be authorized to issue $1 notes two years after passage of this bill and the Board of Governors of the Federal Reserve System shall ensure that all $1 Federal Reserve notes are destroyed within this time.
Notwithstanding this bill, $1 Federal Reserve notes shall remain legal tender in the United States.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2299 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2299

To save taxpayers money by improving the manufacturing and distribution 
              of coins and notes, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 2, 2017

  Ms. Tenney (for herself, Mr. Brady of Pennsylvania, and Mr. Jones) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To save taxpayers money by improving the manufacturing and distribution 
              of coins and notes, 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 ``Currency Optimization, Innovation, 
and National Savings Act of 2017''.

SEC. 2. GAO STUDY ON THE PRODUCTION OF THE PENNY.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study on the production cost of the one-cent coin and ways 
the production cost could be lowered while maintaining the utility of 
the one-cent coin.
    (b) Report.--Not later than 180 days after the date of enactment of 
this Act, the Comptroller General shall issue a report to the Committee 
on the Budget and the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on the Budget and the Committee on 
Financial Services of the House of Representatives containing all 
findings and determinations made in carrying out the study required 
under subsection (a).

SEC. 3. SAVING TAXPAYERS MONEY BY REPLACING $1 NOTES WITH $1 COINS.

    (a) In General.--It is the policy of the United States that $1 
coins should replace $1 Federal reserve notes as the only $1 monetary 
unit issued and circulated by the Board of Governors of the Federal 
Reserve System.
    (b) Final Date for Placing $1 Notes Into Circulation.--Beginning on 
the date that is 2 years after the date of enactment of this Act, the 
Board of Governors of the Federal Reserve System may not issue $1 
Federal reserve notes.
    (c) Transition Period.--Before the date described in subsection 
(b), the Board of Governors of the Federal Reserve System shall ensure 
adequate supplies of $1 coins to meet the demand of such coins on and 
after such date.
    (d) Removal and Destruction of $1 Federal Reserve Notes.--The Board 
of Governors of the Federal Reserve System shall ensure that all $1 
Federal reserve notes removed from circulation in accordance with the 
date described in subsection (b) have been destroyed.
    (e) Exception.--Notwithstanding subsections (b) and (c), the Board 
of Governors of the Federal Reserve System shall produce such Federal 
reserve notes of $1 denomination as the Board of Governors determines 
from time to time are appropriate solely to meet the needs of 
numismatic collectors of that denomination. Such collectible versions 
of $1 Federal reserve notes shall be sold in accordance with other 
general provisions governing collectible versions of notes.
    (f) No Effect on Legal Tender.--Notwithstanding any other provision 
of this section, $1 Federal reserve notes are legal tender in the 
United States for all debts, public and private, public charges, taxes, 
and duties, regardless of the date of printing or issue.
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