H.R.2789 - Prevention of Wasteful and Unneeded Coins Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Yoder, Kevin [R-KS-3] (Introduced 08/01/2011)|
|Committees:||House - Financial Services|
|Latest Action:||08/22/2011 Referred to the Subcommittee on Domestic Monetary Policy and Technology.|
This bill has the status Introduced
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Summary: H.R.2789 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (08/01/2011)
Prevention of Wasteful and Unneeded Coins Act of 2011 - Amends federal law governing coins and currency to prohibit, for a 15-year period, the issuance of $1 dollar coins honoring each of the Presidents of the United States.
Authorizes the Secretary of the Treasury to resume issuance of such coins if the demand for $1 coins exceeds the number of them held in reserve.
Prohibits the Secretary from issuing any $1 coins if it would result in an excess stockpile of $1 coins not in circulation.
Repeals the requirement that the number of $1 coins minted and issued in a year with the Sacagawea design on the obverse be at least 20% of the total of such coins.
Repeals the requirement that, during an introductory period, all institutions that want to are able to obtain unmixed supplies of each newly-issued design of $1 coins minted under the President $1 and the First Spouse bullion coin programs.