Title: Coin Metal Modification Authorization and Cost Savings Act of 2020
Policy area: Finance and Financial Sector

Summary:
Coin Metal Modification Authorization and Cost Savings Act of 2020
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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4663 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4663

    To amend title 31, United States Code, to save Federal funds by 
 authorizing changes to the composition of circulating coins, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 23, 2020

 Ms. Hassan (for herself and Mr. Enzi) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    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 2020''.

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 (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 90 
        calendar 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 on the 
        date that is 90 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 
        90-day period 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 legislation disapproving of the 
                proposed modification.''.
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