H.R.6162 - Coin Modernization, Oversight, and Continuity Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Watt, Melvin L. [D-NC-12] (Introduced 09/22/2010)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||12/14/2010 Became Public Law No: 111-302. (TXT | PDF) (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6162 — 111th Congress (2009-2010)All Bill Information (Except Text)
Public Law No: 111-302 (12/14/2010)
(This measure has not been amended since it was passed by the House on September 29, 2010. The summary of that version is repeated here.)
Coin Modernization, Oversight, and Continuity Act of 2010 - Requires the Secretary of the Treasury to report biennially to specified congressional committees on production costs for each circulating coin, cost trends, and possible new metallic materials or technologies for the production of circulating coins. Requires detailed recommendations in such reports for: (1) changes to the metallic content of circulating coins; (2) changes in coin production methodology that would further reduce the costs of production; and (3) legislative changes necessary to achieve such goals.
Prohibits the Secretary from including any recommendation for specifications: (1) for producing a circulating coin that would require significant change to coin-accepting and coin-handling equipment to accommodate changes to all circulating coins simultaneously; or (2) that would facilitate or allow the use of a coin with a lesser value produced, minted, or issued by another country, or the use of any token or other easily or regularly produced metal device of minimal value, in the place of a circulating coin produced by the Secretary.
Authorizes the Secretary, in order to complete the first biennial report and to develop and evaluate the use of new metallic materials for circulating coin production, to: (1) conduct any appropriate testing of appropriate coinage metallic materials; and (2) work with federal and nonfederal entities, including independent research facilities or suppliers of the metallic material used in volume production of circulating coins.