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108th Congress Rept. 108-472
HOUSE OF REPRESENTATIVES
2d Session Part 1
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JAMESTOWN 400TH ANNIVERSARY COMMEMORATIVE COIN ACT OF 2003
_______
April 27, 2004.--Ordered to be printed
_______
Mr. Oxley, from the Committee on Financial Services, submitted the
following
R E P O R T
[To accompany H.R. 1914]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred
the bill (H.R. 1914) provide for the issuance of a coin to
commemorate the 400th anniversary of the Jamestown settlement,
having considered the same, report favorably thereon without
amendment and recommend that the bill do pass.
CONTENTS
Page
Purpose and Summary.............................................. 1
Background and Need for Legislation.............................. 2
Hearings......................................................... 2
Committee Consideration.......................................... 2
Committee Votes.................................................. 3
Committee Oversight Findings..................................... 3
Performance Goals and Objectives................................. 3
New Budget Authority, Entitlement Authority, and Tax Expenditures 3
Committee Cost Estimate.......................................... 3
Congressional Budget Office Estimate............................. 3
Federal Mandates Statement....................................... 5
Advisory Committee Statement..................................... 5
Constitutional Authority Statement............................... 5
Applicability to Legislative Branch.............................. 5
Section-by-Section Analysis of the Legislation................... 5
PURPOSE AND SUMMARY
H.R. 1914, the ``Jamestown 400th Anniversary Commemorative
Coin Act of 2003,'' authorizes the Secretary of the Treasury to
strike and issue, in 2007, five-dollar gold commemorative coins
and one-dollar silver commemorative coins with designs
emblematic of the founding of Jamestown, Virginia, in 1607.
Proceeds from surcharges on the sales of the coins would go to
support a number of activities at Jamestown, Virginia, related
to the 400th anniversary celebration in 2007.
BACKGROUND AND NEED FOR LEGISLATION
H.R. 1914 authorizes the minting and sale of commemorative
coins honoring the 400th anniversary of the founding in 1607 of
Jamestown, Virginia, the first permanent European colony in the
United States and the capital of Virginia for 92 years.
The economic, political, social and cultural institutions
that developed in the Jamestown Settlement, which brought
together people from throughout the Atlantic basin, left
profound effects on the United States, establishing the
traditions of English common law and the English language as
well as cross-cultural relationships.
Congress established the Jamestown 400th Commemorative
Commission in 2000 to ensure a suitable national observation of
the founding. The National Park Service, the Association for
the Preservation of Virginia Antiquities and the Jamestown-
Yorktown Foundation of the Commonwealth of Virginia
collectively own and operate major resources devoted to the
early history of Jamestown.
Surcharges from the sale of the commemorative coins will be
paid, after satisfaction of audit provisions in section 5134(g)
of title 31 United States Code, to support efforts revolving
around the 400th anniversary. One-half of the surcharges is to
be paid to the Foundation to support programs to promote the
understanding of the legacies of Jamestown. One-half is to be
paid in equal shares to the Secretary of the Interior, for the
Park Service, and to the Association and the Foundation to be
used to sustain ongoing missions leading to the preservation of
Jamestown; to enhance national and international education
programs related to Jamestown; to improve infrastructure and
archaeological research activities related to Jamestown; and to
conduct other activities in support of the 400th anniversary.
HEARINGS
The Subcommittee on Domestic and International Monetary
Policy, Trade and Technology held a hearing on March 10, 2004,
on H.R. 2768, the John Marshall Commemorative Coin Act; H.R.
2131, authorizing a Congressional Gold Medal for Spain's
President Jose Maria Aznar; H.R. 1914, the Jamestown 400th
Anniversary Commemorative Coin Act; and H.R. 3277, the Marine
Corps 230th Anniversary Commemorative Coin Act. The following
witnesses testified: The Honorable William H. Rehnquist, Chief
Justice of the United States; The Honorable Richard L.
Armitage, Deputy Secretary of State; The Honorable J. Steven
Griles, Deputy Secretary of the Interior; and Gen. Carl E.
Mundy Jr. USMC (Ret.).
COMMITTEE CONSIDERATION
The Subcommittee on Domestic and International Monetary
Policy, Trade, and Technology met in open session on March 10,
2004 and approved H.R. 1914 for full Committee consideration.
The Committee on Financial Services met in open session on
March 17, 2004 and ordered H.R. 1914 reported to the House with
a favorable recommendation by a voice vote, without amendment.
COMMITTEE VOTES
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee to list the record votes
on the motion to report legislation and amendments thereto. No
record votes were taken in conjunction with the consideration
of this legislation. A motion by Mr. Oxley to report the bill
to the House with a favorable recommendation was agreed to by a
voice vote.
COMMITTEE OVERSIGHT FINDINGS
Pursuant to clause 3(c)(1) of rule XIII of the Rules of the
House of Representatives, the Committee held a hearing and made
findings that are reflected in this report.
PERFORMANCE GOALS AND OBJECTIVES
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the Committee establishes the
following performance related goals and objectives for this
legislation:
The Secretary of the Treasury shall use the authority
granted by this legislation to mint a commemorative coin in
honor of the 400th anniversary of the founding of the Jamestown
colony in Virginia, and utilize the proceeds of the sale of
those coins to offset the costs associated with the 400th
anniversary celebration.
NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX EXPENDITURES
In compliance with clause 3(c)(2) of rule XIII of the Rules
of the House of Representatives, the Committee finds that this
legislation would result in budget authority, entitlement
authority, or tax expenditures or revenues consistent with the
estimate provided by the Congressional Budget Office pursuant
to section 402 of the Congressional Budget Act of 1974.
COMMITTEE COST ESTIMATE
The Committee adopts as its own the cost estimate prepared
by the Director of the Congressional Budget Office pursuant to
section 402 of the Congressional Budget Act of 1974.
CONGRESSIONAL BUDGET OFFICE ESTIMATE
Pursuant to clause 3(c)(3) of rule XIII of the Rules of the
House of Representatives, the following is the cost estimate
provided by the Congressional Budget Office pursuant to section
402 of the Congressional Budget Act of 1974:
U.S. Congress,
Congressional Budget Office,
Washington, DC, March 22, 2004.
Hon. Michael G. Oxley,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
Dear Mr. Chairman: The Congressional Budget Office has
prepared the enclosed cost estimate for H.R. 1914, the
Jamestown 400th Anniversary Commemorative Coin Act of 2003.
If you wish further details on this estimate, we will be
pleased to provide them. The CBO staff contact is Matthew
Pickford.
Sincerely,
Douglas Holtz-Eakin,
Director.
Enclosure.
H.R. 1914--Jamestown 400th Anniversary Commemorative Coin Act of 2003
Summary: H.R. 1914 would direct the U.S. Mint to produce a
$5 gold coin and a $1 silver coin in calendar year 2007 to
commemorate the 400th anniversary of the founding of Jamestown,
Virginia. The bill would specify a surcharge on the sales price
of $35 for the gold coin and $10 for the silver coin and would
designate the Jamestown-Yorktown Foundation (an educational
institution of the Commonwealth of Virginia), the National Park
Service, and the Association for the Preservation of Virginia
Antiquities (a private nonprofit association), as recipients of
the income from those surcharges.
CBO estimates that enacting H.R. 1914 would have no
significant net impact on direct spending over the 2004-2009
period. H.R. 1914 contains no intergovernmental or private-
sector mandates as defined in the Unfunded Mandates Reform Act
(UMRA), and would benefit the Commonwealth of Virginia.
Estimated cost to the Federal Government: H.R. 1914 could
raise as much as $8.5 million in surcharges if the Mint sells
the maximum number of authorized coins. However, the experience
of recent commemorative coin sales by the Mint suggests that
receipts would be about $3 million. Under current law, the Mint
must ensure that it will not lose money on a commemorative coin
program before transferring any surcharges to a designated
recipient organization. CBO expects that the Mint would collect
most of those surcharges in fiscal year 2007 and would transfer
collections to the designated recipients in fiscal year 2008.
In addition, CBO expects that the Mint would use gold
obtained from the reserves held at the Treasury to produce the
gold coin. However, because the budget treats the sale of gold
as a means of financing governmental operations--that is, the
Treasury's receipts from such sales do not affect the size of
the deficit--CBO has not included such receipts in its
estimate. CBO estimates that H.R. 1914 would provide the
Federal Government with about $3.5 million in additional cash
(in exchange for gold) for financing the Federal deficit in
fiscal year 2007.
Intergovernmental and private-sector impact: H.R. 1914
contains no intergovernmental or private-sector mandates as
defined in UMRA, and would benefit the Commonwealth of
Virginia.
Estimate prepared by: Federal Costs: Matthew Pickford;
Impact on State, Local, and Tribal Governments: Sarah Puro; and
Impact on the Private Sector: Paige Piper/Bach.
Estimate approved by: Peter H. Fontaine, Deputy Assistant
Director for Budget Analysis.
FEDERAL MANDATES STATEMENT
The Committee adopts as its own the estimate of Federal
mandates prepared by the Director of the Congressional Budget
Office pursuant to section 423 of the Unfunded Mandates Reform
Act.
ADVISORY COMMITTEE STATEMENT
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
CONSTITUTIONAL AUTHORITY STATEMENT
Pursuant to clause 3(d)(1) of rule XIII of the Rules of the
House of Representatives, the Committee finds that the
Constitutional Authority of Congress to enact this legislation
is provided by Article 1, section 8, clause 1 (relating to the
general welfare of the United States) and clause 5 (relating to
the coinage of money).
APPLICABILITY TO LEGISLATIVE BRANCH
The Committee finds that the legislation does not relate to
the terms and conditions of employment or access to public
services or accommodations within the meaning of section
102(b)(3) of the Congressional Accountability Act.
SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION
Section 1. Short title
This section establishes the short title of the bill as the
``Jamestown 400th Anniversary Commemorative Coin Act of 2003.''
Section 2. Findings
This section provides certain findings regarding the
founding of Jamestown, Virginia, in 1607, and its importance to
the history of the United States.
Section 2. Coin specifications
This section establishes a maximum mintage level of 100,000
five-dollar gold coins and 500,000 one-dollar silver coins, and
establishes the specifications of the coins authorized to be
minted.
Section 3. Sources of bullion
This section establishes that the Secretary may obtain gold
and silver for the program from sources specified in law.
Section 4. Design of coins
This section establishes the design as emblematic of the
founding of Jamestown, Virginia.
Section 5. Issuance of coins
This section establishes that the coins may only be issued
in the year 2007.
Section 6. Sale of coins
This section provides guidelines for the sale of the coins.
Section 7. Surcharges
This section establishes a surcharge of $35 on the five-
dollar gold coins and $10 on the sale of the one-dollar silver
coins, with proceeds of the surcharges to be paid, after
satisfying requirements in 31 U.S.C. 5134(f), in equal amounts
to the Secretary of the Interior, the Association for the
Preservation of Virginia Antiquities and the Jamestown-Yorktown
Foundation of the Commonwealth of Virginia, to be used for
activities related to the 400th anniversary of the founding of
Jamestown.
