Text: S.3612 — 112th Congress (2011-2012)All Bill Information (Except Text)

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Introduced in Senate (09/21/2012)


112th CONGRESS
2d Session
S. 3612

To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, and for other purposes.


IN THE SENATE OF THE UNITED STATES
September 21, 2012

Mr. DeMint (for himself, Mr. Coburn, Mr. Graham, Mrs. Hutchison, Mr. Johnson of Wisconsin, Mr. Lee, Mr. McCain, and Mr. Risch) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, 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 “Commemorative Coins Reform Act of 2012”.

SEC. 2. Prohibition on payment of surcharges to non-Federal entities.

Section 5134(f) of title 31, United States Code, is amended to read as follows:

“(f) Prohibition on payment of surcharges to organizations outside of the Federal Government.—

“(1) IN GENERAL.—Notwithstanding any other provision of law, no surcharges collected with respect to the sale of any numismatic item may be paid to any organization outside of the Federal Government, other than with respect to the costs of producing and selling such item.

“(2) PAYMENT OF COSTS.—Surcharges collected in connection with the sale of any numismatic item shall be used to recover all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold.

“(3) EXCESS DEPOSITED INTO TREASURY.—Amounts of surcharges collected in excess of the amounts described in paragraph (2) shall be transferred by the Fund to the general fund of the Treasury for the purpose of deficit reduction.”.

SEC. 3. Applicability.

Subsection (f) of section 5134, United States Code, as amended by this Act, shall apply with respect to any commemorative coin program established or numismatic item produced pursuant to an Act enacted on or after the date of enactment of this Act.