Coin Metal Modification Authorization and Cost Savings Act of 2020

II 116TH CONGRESS 2D SESSION S. 4006 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 JUNE 18, 2020 Ms. HASSAN (for herself and Mr. ENZI) 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 2020’’. 5 VerDate Sep 11 2014 22:15 Jul 03, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4006.IS S4006 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4006 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 (includ- 12 ing by prescribing reasonable manufacturing toler- 13 ances with respect to those coins) if a study and 14 analysis conducted by the United States Mint indi- 15 cates that the modification will— 16 ‘‘(A) reduce costs incurred by the tax- 17 payers of the United States; 18 ‘‘(B) be seamless, which shall be deter- 19 mined by verifying that the coins will work 20 interchangeably in most coin acceptors using 21 electromagnetic signature technology; and 22 ‘‘(C) have as minimal an adverse impact as 23 possible on the public and stakeholders, except 24 as described in subparagraph (A). 25 VerDate Sep 11 2014 22:15 Jul 03, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4006.IS S4006 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 4006 IS ‘‘(2) NOTIFICATION TO CONGRESS.—On the 1 date that is 90 calendar days before the date on 2 which the Director begins making a modification de- 3 scribed in paragraph (1), the Director shall submit 4 to Congress notice that— 5 ‘‘(A) provides a justification for the modi- 6 fication, including the support for that modi- 7 fication in the study and analysis required 8 under paragraph (1) with respect to the modi- 9 fication; 10 ‘‘(B) describes how the modification will 11 reduce costs incurred by the taxpayers of the 12 United States; 13 ‘‘(C) certifies that the modification will be 14 seamless, as described in paragraph (1)(B); and 15 ‘‘(D) certifies that the modification will 16 have as minimal an adverse impact as possible 17 on the public and stakeholders, except as de- 18 scribed in paragraph (1)(A). 19 ‘‘(3) CONGRESSIONAL AUTHORITY.—The Direc- 20 tor may begin making a modification proposed under 21 this subsection on the date that is 90 days after the 22 date on which the Director submits to Congress the 23 notice required under paragraph (2) with respect to 24 that modification, unless Congress, during the 90- 25 VerDate Sep 11 2014 22:15 Jul 03, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4006.IS S4006 pbinns on DSKJLVW7X2PROD with BILLS 4 •S 4006 IS day period beginning on the date on which the Di- 1 rector submits that notice— 2 ‘‘(A) finds that the modification is not jus- 3 tified in light of the information contained in 4 that notice; and 5 ‘‘(B) enacts legislation disapproving of the 6 proposed modification.’’. 7 Æ VerDate Sep 11 2014 22:15 Jul 03, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4006.IS S4006 pbinns on DSKJLVW7X2PROD with BILLS