LA28 Olympic and Paralympic Games Commemorative Coin Act

Bill: 118-s-2311
Sponsor: full_name: Sen. Padilla, Alex [D-CA]
Introduced: 2023-07-13
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-07-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-07-13
action_desc: Introduced in Senate
text: <p><strong>LA28 Olympic and Paralympic Games Commemorative Coin Act</strong></p> <p>This bill directs the Department of the Treasury to mint coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California.</p> <p>All surcharges received by Treasury from the sale of the coins shall be promptly paid by Treasury to the United States Olympic and Paralympic Properties for the objects and purposes related to the hosting of the 2028 Olympic and Paralympic Games and to aid in the execution of its legacy programs, including the promotion of youth sports in the United States.</p> <p>Treasury is encouraged to develop and execute a marketing and educational program to promote and sell the coins.</p>

tv_txt: II 118th CONGRESS 1st Session S. 2311 IN THE SENATE OF THE UNITED STATES July 13, 2023 Mr. Padilla (for himself, Mr. Romney , Mrs. Feinstein , and Mr. Boozman ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Secretary of the Treasury to mint coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California.

1. Short title This Act may be cited as the LA28 Olympic and Paralympic Games Commemorative Coin Act . 2. Findings Congress finds the following: (1) The 2028 Olympic and Paralympic Games, officially known as the Games of the XXXIV Olympiad or LA28 , will be held in Los Angeles, California. (2) This will be the first time the Olympic and Paralympic Games have been held in the United States in 26 years. (3) The United States has hosted the modern Olympic Games 9 times, with the 2028 Games becoming the third time Los Angeles will host the summer Olympic Games. (4) The Paralympic Games will celebrate its 80th anniversary in 2028, with Los Angeles hosting the Paralympic Games for the first time. (5) Unlike some other countries, Olympic Games in the United States are privately funded. The LA28 Games maintain this model with its revenue generated by corporate partners, broadcast rights, licensing, hospitality, and ticket sales. (6) With Los Angeles hosting the Paralympic Games for the first time in 2028, the 2028 Olympic and Paralympic Games Commemorative Coin Program has the opportunity to increase awareness and create more inclusivity for people with disabilities with the creation of a single, unifying coin to commemorate the Games. 3. Coin specifications (a) Denominations The Secretary of the Treasury (in this Act referred to as the Secretary ) shall mint and issue the following coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California: (1) $5 Gold coins Not more than 100,000 $5 coins, each of 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 500,000 $1 coins, each of 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 300,000 half-dollar coins, each of 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. (4) Proof silver $1 coins Not more than 100,000 proof silver $1 coins, each of which shall— (A) weigh 5 ounces; (B) have a diameter of 3 inches; and (C) contain .999 fine silver. (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 section 5134 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. (d) Mintage limit exception If the Secretary determines, based on independent, market-based research conducted by the U.S. Olympic and Paralympic Committee, that the mintage levels described in this section are not adequate to meet public demand, the Secretary may increase the mintage levels as the Secretary determines is necessary to meet public demand. 4. Design of coins (a) Design requirements (1) In general The design of the coins minted under this Act shall be emblematic of the participation of United States athletes in the LA28 Games. (2) Designation and inscriptions On each coin minted under this Act, there shall be— (A) a designation of the value of the coin; (B) an inscription of the year 2028 ; and (C) inscriptions of the words Liberty , In God We Trust , United States of America , and E Pluribus Unum . (3) Selection of designs The designs for the coins minted under this Act shall be— (A) selected by the Secretary after consultation with— (i) the United States Olympic and Paralympic Properties; and (ii) the Commission of Fine Arts; and (B) reviewed by the Citizens Coinage Advisory Committee. 5. Issuance of coins (a) Quality of coins The Secretary may issue coins minted under this Act in uncirculated and proof qualities. (b) Period of issuance The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2028. 6. Sale of coins (a) Sale price The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of— (1) the face value of the coins; (2) the surcharge provided in section 7(a) with respect to the coins; and (3) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, and 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 Sales with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. 7. Surcharges (a) In general All sales of coins issued under this Act shall include a surcharge of— (1) $35 per coin for the $5 coin; (2) $10 per coin for the $1 coin described in section 3(a)(2); (3) $5 per coin for the half-dollar coin; and (4) $50 per coin for the $1 proof silver 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 United States Olympic and Paralympic Properties for the objects and purposes related to the hosting of the 2028 Olympic and Paralympic Games and to aid in the execution of its legacy programs, including the promotion of youth sports in the United States. (c) Audits The United States Olympic and Paralympic Properties 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). (d) Limitation (1) In general 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 2 commemorative coin programs 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). (2) Guidance The Secretary may issue guidance to carry out this subsection. 8. Marketing and financial assurances (a) In general The Secretary shall take such actions as may be necessary to ensure that— (1) minting and issuing coins under this Act result in no net cost to the Federal Government; and (2) no funds, including applicable surcharges, shall be disbursed to any recipient designated in section 7(b) 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. (b) Marketing and educational program The Secretary is encouraged to develop and execute a marketing and educational program, including appropriate cooperative marketing opportunities with the United States Olympic and Paralympic Properties and its licensees, to promote and sell the coins authorized under this Act.