Coin Metal Modification Authorization and Cost Savings Act of 2021

II 117TH CONGRESS 1ST SESSION S. 672 To amend title 31, United States Code, to save Federal funds by authorizing changes to the composition of circulating coins, and for other purposes. IN THE SENATE OF THE UNITED STATES MARCH 10, 2021 Ms. HASSAN (for herself, Ms. ERNST, Mr. CARPER, Ms. MURKOWSKI, and Mr. CRAMER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend title 31, United States Code, to save Federal funds by authorizing changes to the composition of circu- lating coins, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Coin Metal Modifica- 4 tion Authorization and Cost Savings Act of 2021’’. 5 VerDate Sep 11 2014 00:08 Apr 05, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S672.IS S672 kjohnson on DSK79L0C42PROD with BILLS 2 •S 672 IS SEC. 2. SAVING FEDERAL FUNDS BY AUTHORIZING 1 CHANGES TO THE COMPOSITION OF CIRCU- 2 LATING COINS. 3 Section 5112 of title 31, United States Code, is 4 amended by adding at the end the following: 5 ‘‘(x) COMPOSITION OF CIRCULATING COINS.— 6 ‘‘(1) IN GENERAL.—Notwithstanding any other 7 provision of law, and subject to the other provisions 8 of this subsection, the Director of the United States 9 Mint (referred to in this subsection as the ‘Direc- 10 tor’), in consultation with the Secretary, may modify 11 the metallic composition of circulating coins to a new 12 metallic composition (including by prescribing rea- 13 sonable manufacturing tolerances with respect to 14 those coins) if a study and analysis conducted by the 15 United States Mint, including solicitation of input, 16 including input on acceptor tolerances and require- 17 ments, from industry stakeholders who could be af- 18 fected by changes in the composition of circulating 19 coins, indicates that the modification will— 20 ‘‘(A) reduce costs incurred by the tax- 21 payers of the United States; 22 ‘‘(B) be seamless, which shall mean the 23 same diameter and weight as United States 24 coinage being minted on the date of enactment 25 of this subsection and that the coins will work 26 VerDate Sep 11 2014 00:08 Apr 05, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S672.IS S672 kjohnson on DSK79L0C42PROD with BILLS 3 •S 672 IS interchangeably in most coin acceptors using 1 electromagnetic signature technology; and 2 ‘‘(C) have as minimal an adverse impact as 3 possible on the public and stakeholders. 4 ‘‘(2) NOTIFICATION TO CONGRESS.—On the 5 date that is at least 90 legislative days before the 6 date on which the Director begins making a modi- 7 fication described in paragraph (1), the Director 8 shall submit to Congress notice that— 9 ‘‘(A) provides a justification for the modi- 10 fication, including the support for that modi- 11 fication in the study and analysis required 12 under paragraph (1) with respect to the modi- 13 fication; 14 ‘‘(B) describes how the modification will 15 reduce costs incurred by the taxpayers of the 16 United States; 17 ‘‘(C) certifies that the modification will be 18 seamless, as described in paragraph (1)(B); and 19 ‘‘(D) certifies that the modification will 20 have as minimal an adverse impact as possible 21 on the public and stakeholders. 22 ‘‘(3) CONGRESSIONAL AUTHORITY.—The Direc- 23 tor may begin making a modification proposed under 24 this subsection not earlier than the date that is 90 25 VerDate Sep 11 2014 00:08 Apr 05, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S672.IS S672 kjohnson on DSK79L0C42PROD with BILLS 4 •S 672 IS legislative days after the date on which the Director 1 submits to Congress the notice required under para- 2 graph (2) with respect to that modification, unless 3 Congress, during the period of 90 legislative days 4 beginning on the date on which the Director submits 5 that notice— 6 ‘‘(A) finds that the modification is not jus- 7 tified in light of the information contained in 8 that notice; and 9 ‘‘(B) enacts a joint resolution of dis- 10 approval of the proposed modification. 11 ‘‘(4) PROCEDURES.—For purpose of paragraph 12 (3)— 13 ‘‘(A) a joint resolution of disapproval is a 14 joint resolution the matter after the resolving 15 clause of which is as follows: ‘That Congress 16 disapproves the modification submitted by the 17 Director of the United States Mint.’; and 18 ‘‘(B) the procedural rules in the House of 19 Representatives and the Senate for a joint reso- 20 lution of disapproval described under paragraph 21 (3) shall be the same as provided for a joint 22 resolution of disapproval under chapter 8 of 23 title 5, United States Code.’’. 24 VerDate Sep 11 2014 00:08 Apr 05, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S672.IS S672 kjohnson on DSK79L0C42PROD with BILLS 5 •S 672 IS SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 1 The budgetary effects of this Act, for the purpose of 2 complying with the Statutory Pay-As-You-Go Act of 2010, 3 shall be determined by reference to the latest statement 4 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 5 Act, submitted for printing in the Congressional Record 6 by the Chairman of the House Budget Committee, pro- 7 vided that such statement has been submitted prior to the 8 vote on passage. 9 Æ VerDate Sep 11 2014 00:08 Apr 05, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S672.IS S672 kjohnson on DSK79L0C42PROD with BILLS