S.4006 - Coin Metal Modification Authorization and Cost Savings Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Hassan, Margaret Wood [D-NH] (Introduced 06/18/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 06/18/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.4006 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (06/18/2020)
Coin Metal Modification Authorization and Cost Savings Act of 2020
This bill authorizes the United.States Mint to modify the metallic composition of circulating coins (including by prescribing reasonable manufacturing tolerances with respect to those coins) if a study and analysis conducted by the Mint indicates that the modification will
- reduce costs incurred by the taxpayers;
- be seamless, which shall be determined by verifying that the coins will work interchangeably in most coin acceptors using electromagnetic signature technology; and
- have as minimal an adverse impact as possible on the public and stakeholders.
The Mint must notify Congress before making the midification and provide a justification for the modification.