H.R.3305 - Currency Optimization, Innovation, and National Savings Act113th Congress (2013-2014)
|Sponsor:||Rep. Fitzpatrick, Michael G. [R-PA-8] (Introduced 10/22/2013)|
|Committees:||House - Financial Services|
|Latest Action:||10/22/2013 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3305 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in House (10/22/2013)
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 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.
Requires the Federal Reserve Board to report to Congress on the Board's efforts to improve the circulation of, and remove barriers to, the circulation of $1 coins bearing Native American designs.
Declares it is 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.