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108th Congress                                            Rept. 108-474
                        HOUSE OF REPRESENTATIVES
 2d Session                                                      Part 1
======================================================================
 
         MARINE CORPS 230TH ANNIVERSARY COMMEMORATIVE COIN ACT

                                _______
                                

                 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. 3277]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 3277) to require the Secretary of the Treasury 
to mint coins in commemoration of the 230th Anniversary of the 
United States Marine Corps, and to support construction of the 
Marine Corps Heritage Center, 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..................................................     2
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.......................................     4
Advisory Committee Statement.....................................     4
Constitutional Authority Statement...............................     4
Applicability to Legislative Branch..............................     4
Section-by-Section Analysis of the Legislation...................     4

                          PURPOSE AND SUMMARY

    H.R. 3277, the Marine Corps 230th Anniversary Commemorative 
Coin Act, authorizes the Secretary of the Treasury to strike 
and issue, in 2005, one-dollar silver commemorative coins in 
observation of the 230th anniversary of the founding of the 
Marine Corps. Proceeds from surcharges on the sale of the coins 
will benefit the Marine Corps Heritage Center.

                  BACKGROUND AND NEED FOR LEGISLATION

    H.R. 3277 authorizes the minting and sale of coins 
commemorating the 230th anniversary of the founding of the 
United States Marine Corps, which will be celebrated November 
10, 2005.
    The Corps of Marines was created in 1775 by the Continental 
Congress--before the formal creation of the United States--to 
provide a landing force for the evolving country's fleet. 
Moving forward from that tradition of service on land and sea, 
the Marines have played pivotal roles in every major conflict 
in which the United States has been involved, often taking the 
most-grueling tasks.
    The Marine Corps Heritage Center is being built at 
Quantico, Virginia, by the Marine Corps Heritage Foundation, a 
501(c)(3) non-profit corporation dedicated to the preservation 
and chronicling of Marine Corps history through scholarly 
research, education and outreach efforts detailing the Marine 
Corps' contributions to the Nation. It is scheduled to open on 
the 230th anniversary of the founding of the Corps.
    Proceeds from surcharges on the sale of the commemorative 
coins will be paid to the center, after satisfaction of audit 
provisions in section 5134(f) of title 31, United States Code, 
to be applied toward the construction of the Center.

                                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. 3277 for full Committee consideration.
    The Committee on Financial Services met in open session on 
March 17, 2004 and ordered H.R. 3277 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 230th anniversary of the founding of the Marine 
Corps, and utilize the proceeds of the sale of those coins to 
support the Marine Corps Heritage Center in Quantico, Virginia.

   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. 3277, the Marine 
Corps 230th Anniversary Commemorative Coin Act.
    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. 3277--Marine Corps 230th Anniversary Commemorative Coin Act

    H.R. 3277 would authorize the U.S. Mint to produce a $1 
silver coin in calendar year 2005 to commemorate the 230th 
anniversary of the United States Marine Corps. The legislation 
would specify a surcharge of $10 on the sale of each coin and 
would designate the Marine Corps Heritage Foundation, a 
nonprofit entity, as the recipient of the income from the 
surcharge. CBO estimates that enacting H.R. 3277 would have no 
significant net impact on direct spending over the 2004-2009 
period.
    Sales from the coins that would be authorized by H.R. 3277 
could raise as much as $5 million in surcharges if the Mint 
sells the maximum number of authorized coins. However, the 
experience of recent commemorative coin sales suggests that 
receipts would be about $3 million. Under current law, the Mint 
must ensure that it does not lose money producing commemorative 
coins before transferring any surcharges to a recipient 
organization. CBO expects that those receipts from such 
surcharges would be transferred to the heritage foundation in 
fiscal year 2006.
    H.R. 3277 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act and 
would not affect on state, local, or tribal governments.
    The CBO staff contact for this estimate is Matthew 
Pickford. This estimate was 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 3 (relating to 
the power to regulate interstate commerce).

                  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, the 
``Marine Corps 230th Anniversary Commemorative Coin Act.''

Section 2. Findings

    This section provides certain Congressional findings 
describing the history of the United States Marine Corps, which 
celebrates the 230th anniversary of its founding November 10, 
2005.

Section 3. Coin specifications

    This section establishes a maximum mintage level of 500,000 
one-dollar silver coins, and establishes the specifications of 
the coins authorized to be minted.

Section 4. Design of coins

    This section establishes the design as emblematic of the 
warrior ethos of the United States Marine Corps.

Section 5. Issuance of coins

    This section provides that the coins may only be issued in 
the year 2005.

Section 6. Sale of coins

    This section provides guidelines for the sale of the coins.

Section 7. Surcharges

    This section provides for a surcharge of $10 on the sale of 
the coins, with proceeds of the surcharges to benefit the 
Marine Corps Heritage Center after satisfying requirements in 
31 U.S.C. 5134(f).