Fleet Reserve Association 100th Anniversary Act

Bill: 117-hr-6663
Sponsor: full_name: Rep. Bilirakis, Gus M. [R-FL-12]
Introduced: 2022-02-09
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-02-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-02-09
action_desc: Introduced in House
text: <p><strong>Fleet Reserve Association 100th Anniversary Act </strong></p> <p>This bill directs the Department of the Treasury to mint and issue 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in recognition and celebration of the 100th anniversary of the Fleet Reserve Association. All sales of coins issued under this bill shall include a surcharge which shall be paid to the Fleet Reserve Association. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6663 IN THE HOUSE OF REPRESENTATIVES February 9, 2022 Mr. Bilirakis (for himself and Mr. Garamendi ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to mint commemorative coins in recognition of the 100th anniversary of the Fleet Reserve Association.

1. Short title This Act may be cited as the Fleet Reserve Association 100th Anniversary Act . 2. Findings The Congress finds the following: (1) On November 11, 1924, the Fleet Reserve Association (FRA) was founded by Navy Chief Yeoman George L. Carlin and chartered in 1924 in Philadelphia, Pennsylvania. FRA was born out of the need for an organization to protect the pay and benefits of enlisted Sea Service members and their families. (2) The Fleet Reserve Association (FRA) is a congressionally chartered, non-profit organization that represents the interests of the Sea Service community. Although the association was originally named for the Navy’s Fleet Reserve program, membership in FRA is open to all current and former sailors, marines, and Coast Guard personnel. (3) In 1930, FRA-proposed legislation was enacted that authorizes a death gratuity benefit of six months basic pay to the estates of recalled Fleet Reservists who subsequently die on active duty. (4) In 1932, FRA was successful in exempting enlisted personnel from Great Depression-era pay cuts that deferred pay for Federal employees by 8 to 20 percent. (5) In 1934, FRA regained two-thirds of the 15 percent pay cut authorized in the Economy Act of 1933. The remaining 5 percent was restored in 1935. (6) In 1935, FRA was successful in obtaining eligibility for Navy retirees and Fleet Reservists to receive emergency care in veterans’ hospitals in areas where military facilities were not available. (7) In 1937, FRA helped advance legislation that authorized commissary privileges for military widows. (8) In 1946, FRA was successful in establishing equity in disability compensation for disabled peacetime veterans with their wartime counterparts. (9) In 1950, FRA first proposed legislation to provide a survivor benefit program as part of the military retirement system. (10) In 1972, FRA played a major role in the enactment of the Widow’s Equity bill, the precursor of today’s Survivor Benefit Plan (SBP) and FRA sponsored the Navy’s first Sailors of the Year competition, a tradition that continues today. (11) In 1985, FRA became a founding member of The Military Coalition when laws threatened to significantly cut military retired pay. The FRA is one of 12 military and veterans organizations that banded together to reverse the potential loss of 22.5 percent in cost-of-living adjustments (COLA) over a seven-year period. (12) In 1986, FRA played a key role in restoring full cost-of-living adjustments (COLA) for military retirees. (13) In 1996, FRA became federally chartered as part of the National Defense Authorization Act for Fiscal Year 1997 ( Public Law 104–201 ). (14) In 2002, the Bob Stump National Defense Authorization Act for Fiscal Year 2003 ( Public Law 107–314 ) authorized combat-related special compensation (CRSC) for disabled uniformed services retirees wounded in combat, which FRA acknowledged as a significant first step toward full concurrent receipt of military retired pay and Department of Veterans Affairs disability compensation. (15) In 2009, the FRA Education Foundation was launched in conjunction with FRA’s 85th anniversary. (16) In 2013, FRA successfully defeated efforts to reduce future cost-of-living adjustments (COLA) for military retirees by blocking implementation of the chained consumer price index (CPI) in lieu of the current consumer price index (CPI). (17) November 11, 2024, will mark the 100th anniversary of the Fleet Reserve Association. 3. Coin specifications (a) Denominations In recognition and celebration of the 100th anniversary of the Fleet Reserve Association, the Secretary of the Treasury (hereafter in this Act referred to as the Secretary ) shall mint and issue the following coins: (1) $5 gold coins Not more than 50,000 $5 coins, which shall— (A) weigh 8.359 grams; (B) have a diameter of 0.850 inches; and (C) contain not less than 90 percent gold. (2) $1 silver coins Not more than 400,000 $1 coins, which shall— (A) weigh 26.73 grams; (B) have a diameter of 1.500 inches; and (C) contain not less than 90 percent silver. (3) Half-dollar clad coins Not more than 750,000 half-dollar coins which shall— (A) weigh 11.34 grams; (B) have a diameter of 1.205 inches; and (C) be minted to the specifications for half-dollar coins contained in section 5112(b) of title 31, United States Code. (b) Legal tender The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code. (c) Numismatic items For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. 4. Design of coins (a) In general The design for the coins minted under this Act shall be emblematic of the Fleet Reserve Association. (b) Designations and inscriptions On each coin minted under this Act there shall be— (1) a designation of the denomination of the coin; (2) an inscription of the year 2024 ; (3) FRA’s motto: Loyalty, Protection, and Service ; and (4) inscriptions of the words Liberty , In God We Trust , United States of America , and E Pluribus Unum . (c) Selection The design for the coins minted under this Act shall be— (1) selected by the Secretary after consultation with— (A) the Commission of Fine Arts; and (B) the National Board of Directors of the Fleet Reserve Association, as defined in the constitution and bylaws of the Fleet Reserve Association; and (2) reviewed by the Citizens Commemorative Coin Advisory Committee. 5. Issuance of coins (a) Quality of coins Coins minted under this Act shall be issued in uncirculated and proof qualities. (b) Period for issuance The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2024. 6. Sale of coins (a) Sale price The coins issued under this Act shall be sold by the Secretary at a price based upon the sum of— (1) the face value of the coins; (2) the surcharge provided in section 7(a) with respect to such coins; and (3) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping). (b) Bulk sales The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount. (c) Prepaid orders (1) In general The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins. (2) Discount Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. 7. Surcharges (a) In general All sales of coins minted under this Act shall include a surcharge as follows: (1) A surcharge of $35 per coin for the $5 coin. (2) A surcharge of $10 per coin for the $1 coin described under section 3(a)(2). (3) A surcharge of $5 per coin for the half-dollar coin. (b) Distribution Subject to section 5134(f) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the Fleet Reserve Association for costs related to— (1) promoting the importance of and caring for those who have served in uniform, ensuring they receive proper health care and disability benefits earned through military service; (2) promoting the importance of, and caring for, those who are still serving in the Armed Forces; (3) promoting the importance of maintaining the patriotic values, morals, culture, and citizenship of the United States; and (4) promoting the importance of maintaining strong families, assistance for at-risk children, and activities that promote their healthy and wholesome development. (c) Limitation Notwithstanding subsection (a), no surcharge may be included with respect to the issuance under this Act of any coin during a calendar year if, as of the time of such issuance, the issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual commemorative coin program issuance limitation under section 5112(m)(1) of title 31, United States Code (as in effect on the date of the enactment of this Act). The Secretary of the Treasury may issue guidance to carry out this subsection. (d) Audit The recipient described under subsection (b) shall be subject to the audit requirements of section 5134(f)(2) of title 31, United States Code, with regard to the amounts received under subsection (b). 8. Financial assurances The Secretary shall take such actions as may be necessary to ensure that— (1) minting and issuing coins under this Act will not result in any net cost to the United States Government; and (2) no funds, including applicable surcharges, are disbursed to the recipient designated in section 7 until the total cost of designing and issuing all of the coins authorized by this Act (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping) is recovered by the United States Treasury, consistent with sections 5112(m) and 5134(f) of title 31, United States Code.