Cents and Sensibility Act

Bill: 114-hr-516
Sponsor: full_name: Rep. Stivers, Steve [R-OH-15]
Introduced: 2015-01-22
Policy area: Finance and Financial Sector
Subjects: Buy American requirements

Currency

Metals

Public contracts and procurement
Latest action: action_date: 2015-01-22
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-01-22
action_desc: Introduced in House
text: <p><strong>Cents and Sensibility Act</strong></p> <p>Requires that the one-cent, five-cent, dime, and quarter-dollar coins be: (1) produced primarily of steel, and (2) treated to impart a color so that their appearance is similar to coins produced before enactment of this Act.</p> <p>Directs the Secretary of the Treasury, in minting such coins, to use only steel produced in the United States unless: (1) the Secretary determines doing so would be inconsistent with the public interest, or (2) an adequate supply of the appropriate grade of steel is not produced in the United States in sufficient and reasonably available quantities.</p> <p>Prohibits the Secretary, in setting specifications for such coins, from: (1) requiring more than one change to coin-accepting and coin-handling equipment to accommodate all coins produced pursuant to this Act; (2) facilitating or allowing the use of a coin with a lesser value produced by another country, or the use of any token or other easily or regularly produced metal device of minimal value, in the place of a circulating coin produced by the Secretary; or (3) requiring non-trivial changes to coin-accepting or coin-handling equipment to easily accommodate continued co-circulation of both coins produced with the new specifications and coins produced on or before a specified date. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 516 IN THE HOUSE OF REPRESENTATIVES January 22, 2015 Mr. Stivers (for himself, Mr. Ryan of Ohio , and Mr. Tiberi ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to save the American taxpayers money by immediately altering the metallic composition of the one-cent, five-cent, dime, and quarter dollar coins, and for other purposes.

1. Short title This Act may be cited as the Cents and Sensibility Act . 2. Composition of circulating coins (a) Steel coins required Section 5112 of title 31, United States Code, is amended by adding at the end the following new subsection: (w) Composition of circulating coins (1) In general Notwithstanding any other provision of law, the one-cent, five-cent, dime, and quarter dollar coins shall— (A) be produced primarily of steel; and (B) meet such other specifications as the Secretary may determine to be appropriate. (2) Treatment The one-cent, five-cent, dime, and quarter dollar coins shall be treated in such a manner that the appearance of the coins, both when new and after they have been in circulation, is similar to the one-cent, five-cent, dime, and quarter dollar coins, respectively, produced before the date of the enactment of this subsection. (3) Buy American steel requirement (A) In general Notwithstanding any other provision of law, the Secretary shall, in minting one-cent, five-cent, dime, and quarter dollar coins, only use steel produced in the United States. (B) Exception Subparagraph (A) shall not apply if the Secretary finds, and publishes in the Federal Register the basis of such finding, that— (i) applying subparagraph (A) would be inconsistent with the public interest; or (ii) an adequate supply of an appropriate grade of steel is not produced in the United States in sufficient and reasonably available quantities. . (b) Conversion to new coin specifications In setting specifications under section 5112(w) of title 31, United States Code, as added by subsection (a), the Secretary of the Treasury shall not set specifications that would— (1) require more than 1 change to coin-accepting and coin-handling equipment to accommodate all coins produced pursuant to such subsection; (2) facilitate or allow the use of a coin with a lesser value produced by another country, or the use of any token or other easily or regularly produced metal device of minimal value, in the place of a circulating coin produced by the Secretary; or (3) require non-trivial changes to coin-accepting or coin handling equipment to easily accommodate continued co-circulation of both coins produced with the new specifications under such subsection and coins produced on or before the date that is the end of the 90-day period beginning on the date of the enactment of this Act. (c) Effective date (1) In general The amendment made by subsection (a) shall apply to all one-cent, five-cent, dime, and quarter dollar coins issued after the end of the 90-day period beginning on the date of the enactment of this Act. (2) Exception The Secretary of the Treasury may produce numismatic versions of the one-cent, five-cent, dime, and quarter dollar coins either in the composition specified in section 5112(w) of title 31, United States Code, as added by subsection (a), or in forms and materials similar to those the Secretary produced before the date of the enactment of this Act. 3. Technical and conforming amendments Section 5112 of title 31, United States Code, is amended— (1) in subsection (b), by striking the first, second, third, fourth, sixth, seventh, eighth, and tenth sentences; and (2) by amending subsection (c) to read as follows: (c) Weight of the one-Cent coin The Secretary may prescribe the weight of the one-cent coin that the Secretary determines is necessary to ensure an adequate supply of one-cent coins to meet the needs of the United States. .