Coin Metal Modification Authorization and Cost Savings Act of 2020

Bill: 116-s-4663
Sponsor: full_name: Sen. Hassan, Margaret Wood [D-NH]
Introduced: 2020-09-23
Policy area: Finance and Financial Sector
Subjects: Congressional oversight

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Metals
Latest action: action_date: 2020-09-23
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2020-09-23
action_desc: Introduced in Senate
text: <p><b>Coin Metal Modification Authorization and Cost Savings Act of 2020</b></p> <p>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</p> <ul> <li>reduce costs incurred by.taxpayers;</li> <li>be seamless, which shall be determined by verifying that the coins will work interchangeably in most coin acceptors using electromagnetic signature technology; and </li> <li>have as minimal an adverse impact as possible on the public and stakeholders. </li> </ul> <p>The Mint must notify Congress before making the modification and provide a justification for the modification.</p>

tv_txt: II 116th CONGRESS 2d Session S. 4663 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.

1. Short title This Act may be cited as the Coin Metal Modification Authorization and Cost Savings Act of 2020 . 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. .