Bill Summary
The "Coin Metal Modification Authorization and Cost Savings Act of 2020" is a bill that aims to amend the United States Code to allow for changes to the composition of circulating coins. This change would be authorized by the Director of the United States Mint, in consultation with the Secretary, if it is determined that it will reduce costs for taxpayers, be seamless in size and weight with existing coins, and have minimal negative impact on the public and stakeholders. The Director must also provide notice to Congress 90 days before making any modifications and Congress has the authority to disapprove of the proposed changes during this time period.
Possible Impacts
1. If the legislation is passed, people may see changes in the composition of their coins, potentially leading to confusion or difficulty using them in certain machines or devices.
2. The modification of the metallic composition of coins could also have an impact on industries that use coins, such as vending machine companies or public transportation systems, potentially leading to changes or updates in their technology.
3. The legislation could potentially save Federal funds, which could impact people by reducing government spending and potentially freeing up funds for other programs or initiatives.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4663 Introduced in Senate (IS)]
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116th CONGRESS
2d Session
S. 4663
To amend title 31, United States Code, to save Federal funds by
authorizing changes to the composition of circulating coins, and for
other purposes.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Coin Metal Modification
Authorization and Cost Savings Act of 2020''.
SEC. 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.''.
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