Coin Modernization and Taxpayer Savings Act of 2008

Bill: 110-hr-5512
Sponsor: Rep. Space, Zachary T. [D-OH-18]
Introduced: 2008-02-28 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Alloys
Buy American
Coins and coinage
Department of the Treasury
Foreign Trade and International Finance
Gold
Government Operations and Politics
Government procurement
Law
Public Lands and Natural Resources
Steel
Weights and measures

Summary:
action_date: 2008-02-28
text: 
Coin Modernization and Taxpayer Savings Act of 2008 - Revises the discretionary authority of the Secretary of the Treasury to prescribe the weight and the composition of the alloy in the one-cent coin. Extends such authority to, and requires the Secretary to prescribe the weight and composition of, the dollar, half-dollar, quarter-dollar, dime, and five-cent coin, as well as the one-cent coin.
 
Requires the coins to be coined, minted, and their materials fabricated in the United States.
 

 
Requires the Secretary to enter into a formal rulemaking process when making any determination with respect to any change in the weight and composition of any coin.
 
Repeals current weight requirements for the half-dollar, quarter-dollar, dime, five-cent coin, and the one-cent coin.

Specifies the characteristics of $1 coins and gold coins.
 
Authorizes the Secretary to prescribe manufacturing tolerances for five-cent and one-cent coins.
 

 
Requires, for a specified period, the one-cent coin (except for Lincoln Bicentennial Numismatic Pennies) to be produced primarily of steel and treated to impart a copper color to its appearance similar to one-cent coins produced of a copper-zinc alloy.
 


action_date: 2008-05-08
text: 
Coin Modernization and Taxpayer Savings Act of 2008 - Requires the one-cent coin (except for Lincoln Bicentennial Numismatic Pennies) to be produced primarily of steel and treated to impart a copper color to its appearance similar to one-cent coins produced of a copper-zinc alloy.
 
Authorizes the Secretary of the Treasury, in the alternative, during the 90 days following enactment of this Act, to add any other element to any alloy of zinc and copper of which one-cent coins could have been composed before enactment of this Act, if during such 90-day period another element is determined to help produce one-cent coins of the same diameter, general composition, and general weight, but at a lower unit cost. Requires a prompt report to Congress if such a determination is made.
 
Directs the Secretary, two years after enactment of this Act, to produce only five-cent coins primarily made of steel with a coating of nickel, unless by that time the unit cost of production of existing five-cent coins is lower than their face value. Requires the Secretary, however, to recommend a different metallic content of circulating five-cent coins if any biennial report to Congress, required by this Act, indicates that such a different metallic content is both functional and interchangeable with existing coins, and more economical to produce in both the short and long term.
 
Authorizes the Secretary, in order to accomplish the goals of this Act, to research, develop, evaluate or begin to use new metallic material for circulating coin production.
 
Requires the Secretary to report biennially to specified congressional committees on the production costs for each circulating coin, cost trends, and possible new metallic materials or technologies for the production of circulating coins, with detailed recommendations for any appropriate changes to the metallic content of circulating coins.
 


Legislative actions:
action_date: 2008-05-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2008-05-08
text: The title of the measure was amended. Agreed to without objection.
action_date: 2008-05-08
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-05-08
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 5/6/2008 H3096-3097)
action_date: 2008-05-08
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR 5/6/2008 H3096-3097)
action_date: 2008-05-08
text: Considered as unfinished business. (consideration: CR H3203-3204)
action_date: 2008-05-06
text: At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Carter objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
action_date: 2008-05-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 5512.
action_date: 2008-05-06
text: Considered under suspension of the rules. (consideration: CR H3096-3099)
action_date: 2008-05-06
text: Mr. Gutierrez moved to suspend the rules and pass the bill, as amended.
action_date: 2008-03-11
text: Subcommittee Hearings Held.
action_date: 2008-02-28
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2008-02-28
text: Referred to the House Committee on Financial Services.
action_date: 2008-02-28
text: Introduced in House
action_date: 2008-02-28
text: Introduced in House