Coin Metal Modification Authorization and Cost Savings Act of 2020

II 116TH CONGRESS 2D SESSION S. 4663 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 SEPTEMBER 23, 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 23:13 Oct 10, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4663.IS S4663 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4663 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, in- 15 cluding solicitation of input, including input on ac- 16 ceptor tolerances and requirements, from industry 17 stakeholders who could be affected by changes in the 18 composition of circulating coins, indicates that the 19 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 23:13 Oct 10, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4663.IS S4663 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 4663 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 90 calendar days before the date on 6 which the Director begins making a modification de- 7 scribed in paragraph (1), the Director shall submit 8 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 on the date that is 90 days after the 25 VerDate Sep 11 2014 23:13 Oct 10, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4663.IS S4663 pbinns on DSKJLVW7X2PROD with BILLS 4 •S 4663 IS date on which the Director submits to Congress the 1 notice required under paragraph (2) with respect to 2 that modification, unless Congress, during the 90- 3 day period beginning on the date on which the Di- 4 rector submits that notice— 5 ‘‘(A) finds that the modification is not jus- 6 tified in light of the information contained in 7 that notice; and 8 ‘‘(B) enacts legislation disapproving of the 9 proposed modification.’’. 10 Æ VerDate Sep 11 2014 23:13 Oct 10, 2020 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4663.IS S4663 pbinns on DSKJLVW7X2PROD with BILLS