H.R.1174 - United States Efficient Currency Act of 1997105th Congress (1997-1998)
|Sponsor:||Rep. Kolbe, Jim [R-AZ-5] (Introduced 03/20/1997)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||House - 04/14/1997 Referred to the Subcommittee on Domestic and International Monetary Policy. (All Actions)|
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Text: H.R.1174 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in House (03/20/1997)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [H.R. 1174 Introduced in House (IH)] 105th CONGRESS 1st Session H. R. 1174 To provide for the minting and circulation of $1 coins, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 20, 1997 Mr. Kolbe (for himself, Mr. Torres, Mr. Porter, Mr. Rogers, Mr. Lipinski, Mr. Klug, Mr. Evans, Mr. Frank of Massachusetts, Mr. Wynn, Mr. LaFalce, and Mr. Metcalf) introduced the following bill; which was referred to the Committee on Banking and Financial Services _______________________________________________________________________ A BILL To provide for the minting and circulation of $1 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 ``United States Efficient Currency Act of 1997''. SEC. 2. FINDINGS. The Congress hereby finds the following: (1) The Government's inventory of $1 dollar coins bearing the likeness of Susan B. Anthony has declined to 164,100,000 (as of February 28, 1997) from 868,000,000 $1 coins minted between 1979 and 1981. This inventory declined by 64,600,000 coins in 1996, at which rate the Government's supply of Susan B. Anthony dollar coins will be exhausted before September, 1999. (2) The depletion of the supply of Susan B. Anthony dollar coins demonstrates the need for a dollar coin, particularly with mass transit authorities, vending machine companies, and similar enterprises and their customers. (3) Because of the similar silver color and reeded edge of the Susan B. Anthony dollar coin and the quarter dollar, the Susan B. Anthony dollar coin is not a well designed coin. (4) Under current law, the Secretary of the Treasury is required to mint Susan B. Anthony dollar coins to meet the demands of commerce. In order to meet this demand without interruption, the United States Mint will be required to order equipment and materials in 1998 to begin making more Susan B. Anthony dollar coins in early 1999. (5) To deter the counterfeiting of United States currency, the Secretary of the Treasury has begun a program to redesign all United States currency. New design $100 Federal reserve notes were issued on March 27, 1996. New design $50 Federal reserve notes will be issued in September 1997. New design $20 Federal reserve notes will be issued in May, 1998. The remaining new design Federal reserve notes will be issued at approximately 9-month intervals. (6) $1 Federal reserve notes are seldom counterfeited. (7) New design $1 Federal reserve notes will cost in excess of 4 cents each to print, and will last, on average, only 17 months. Newly designed $1 coins will cost about 8 cents each and will last at least 30 years. (8) Over the next 30 years, the American taxpayer will save billions of dollars in materials and manufacturing costs by replacing $1 Federal reserve notes with well designed $1 coins. (9) The $1 bill has the same purchasing power as the quarter did in 1970. SEC. 3. $1 COINS. (a) Color and Content.--Section 5112(b) of title 31, United States Code, is amended-- (1) in the 1st sentence, by striking ``dollar,''; and (2) by inserting after the 4th sentence the following new sentence: ``The dollar coin shall be golden in color, have a distinctive edge, have tactile and visual features that make the denomination of the coin readily discernible, be minted and fabricated in the United States, and have similar metallic, anticounterfeiting properties as United States clad coinage in circulation on the date of the enactment of the United States Efficient Currency Act of 1997.''. (b) Design.--Section 5112(d)(1) of title 31, United States Code, is amended by striking out the 5th and 6th sentences and inserting the following new sentence: ``The Secretary of the Treasury shall select appropriate designs for the reverse and obverse sides of the dollar coin.''. (c) Effective Date.-- (1) In general.--Before the Government's current inventory of $1 coins bearing the likeness of Susan B. Anthony is depleted, the Secretary of the Treasury shall place into circulation $1 coins authorized under subsection (a)(1) of section 5112 of title 31, United States Code, which comply with the requirements of subsections (b) and (d)(1) of such section 5112 (as amended by subsections (a) and (b) of this section). (2) Numismatic sets.--The Secretary may include coins referred to in paragraph (1) in any numismatic set produced by the United States Mint before the date the coins are placed in circulation. (d) Increase Capacity.--The Secretary of the Treasury shall increase capacity at United States Mint facilities to a level that would permit the replacement of $1 Federal reserve notes. SEC. 4. CEASING ISSUANCE OF $1 NOTES. (a) Transition Period.--Federal reserve banks may continue to place into circulation $1 Federal reserve notes until the earlier of-- (1) the date as of which the number of Susan B. Anthony coins in circulation and the number of coins in circulation which are minted in accordance with the amendments made by section 3 total 1,000,000,000; or (2) January 1, 2001. (b) Prohibition on Issuance After Transition Period.--After the earlier of the dates referred to in paragraphs (1) and (2) of subsection (a), a Federal reserve bank may not order or place into circulation any $1 Federal reserve note. (c) Exception.--Notwithstanding subsection (b), the Secretary of the Treasury shall produce only such Federal reserve notes of $1 denomination as the Board of Governors of the Federal Reserve System orders from time to time to meet the needs of collectors of that denomination. Such notes shall be issued by 1 or more Federal reserve banks in accordance with section 16 of the Federal Reserve Act and sold by the Secretary, in whole or in part, under procedures prescribed by the Secretary. SEC. 5. GENERAL WAIVER OF PROCUREMENT REGULATIONS. (a) In General.--Except as provided in subsection (b), no provision of law governing procurement or public contracts shall be applicable to the procurement of goods and services necessary for carrying out the provisions of this Act. (b) Equal Employment Opportunity.--Subsection (a) shall not relieve any person entering into a contact under the authority of this Act from complying with any law relating to equal employment opportunity. <all>