H. Rept. 108-472 - JAMESTOWN 400TH ANNIVERSARY COMMEMORATIVE COIN ACT OF 2003108th Congress (2003-2004)

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.