S.4663 - Coin Metal Modification Authorization and Cost Savings Act of 2020116th Congress (2019-2020)
|Sponsor:||Sen. Hassan, Margaret Wood [D-NH] (Introduced 09/23/2020)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 09/23/2020 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.4663 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (09/23/2020)
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.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 modification and provide a justification for the modification.