S.1624 - Currency Efficiency Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Brown, Scott P. [R-MA] (Introduced 09/23/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/23/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1624 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (09/23/2011)
Currency Efficiency Act of 2011 - Requires the Secretary of the Treasury to suspend issuance of presidential $1 coins during any period for which the Secretary determines that the surplus supply of $1 coins exceeds the reasonable circulation needs for one year.
Prohibits the minting or issuance of $1 coins during any period in which the number of such coins issued, but not in circulation, is more than 10 percent of the number of $1 coins in circulation.
Eliminates the requirement that institutions that want unmixed supplies of newly-issued designs of $1 coins be able to obtain such supplies.
Requires the Board of Governors of the Federal Reserve System to: (1) determine an inventory level of $1 coins required among member banks to meet reasonable circulation needs, and (2) adjust its inventories of such coins to that level through methods that minimize the need for further storage expenditures. Deems surpluses of coins that can be most efficiently eliminated through destruction to consist of "obsolete and worn coins withdrawn from circulation" for purposes of disposal requirements.