H.R.2977 - Currency Optimization, Innovation, and National Savings Act112th Congress (2011-2012)
|Sponsor:||Rep. Schweikert, David [R-AZ-5] (Introduced 09/20/2011)|
|Committees:||House - Financial Services|
|Latest Action:||10/04/2011 Referred to the Subcommittee on Domestic Monetary Policy and Technology. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2977 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (09/20/2011)
Currency Optimization, Innovation, and National Savings Act - Requires the Board of Governors of the Federal Reserve System (Federal Reserve Board) to sequester all $1 coins bearing the design common to those $1 coins minted and issued from 1979-1981 and again in 1999.
Allows the release of such sequestered coins to collectible coin dealers and countries that have adopted the U.S. dollar as their base unit of exchange.
Directs the Federal Reserve Board to: (1) undertake efforts to improve, and remove barriers to, the circulation of the all other $1 coins; and (2) work with the U.S. Mint, consumer groups, media outlets, and schools to publicize the Presidential $1 Coin Program.
Declares it U.S. policy that after consumers and retailers are comfortable using and able to obtain adequate supplies of $1 coins, such $1 coins should replace $1 Federal Reserve notes as the only $1 monetary unit issued and circulated by the Federal Reserve System.