Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2993) to provide for a circulating quarter dollar coin program to honor the District of Columbia, the Commonwealth of Puerto Rico,…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2993) to provide for a circulating quarter dollar coin program to honor the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands, and for other purposes.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation, and to insert extraneous material thereon.
Mr. Speaker, I yield myself 5 minutes.
Mr. Speaker, today I rise in support of H.R. 2993, the District of Columbia and United States Territories Circulating Quarter Dollar Program Act, introduced on February 10 by the gentleman from New York (Mr. King).
Similar to the popular 50-State Quarter program I am proud to have authored, the legislation would create a 1-year program to use designs reminiscent of the District of Columbia, American Samoa, Guam, Puerto Rico, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands on the reverse of our circulating quarters in the year following the end of the State quarter program in 2008. Passage of this legislation would foster respect for and enhance historical knowledge of the District of Columbia and the territories that are an indispensable part of the United States and also would be an economic windfall for the United States Treasury.
Mr. Speaker, the State quarter program, which reached the halfway mark at the end of December of this past year, has dramatically increased general knowledge of the historical contributions of our 50 States. I believe the legislation under consideration today would do the same for the District and the territories. These areas have some of the highest enlistment rates in our Armed Forces. Their commitment continues through today's conflicts, through the tragic sacrifice of the lives of, among others, Lance Corporal Gregory E. MacDonald of the District of Columbia, and Army Private Jonathan I. Falaniko of Pago Pago, American Samoa.
As well, Mr. Speaker, the District and the territories have many historical, cultural, and athletic contributions to our Nation; and the bill we consider today would allow a great opportunity to recognize them in artwork on the reverse of the quarters.
The 1-year program provides more than intangible benefits to the United States. It provides an economic boon to our Nation's Treasury. The success of the State quarter program has been overwhelming. The quarters have become one of the most popular collector's items in the United States and abroad; and by the halfway point of the program, the government had already benefited by over $4 billion, representing coins that have been taken out of circulation by collectors. As a result, it is estimated that if the popularity of quarters produced under this legislation follows similar trends, as much as $1 billion worth of the quarters may be taken out of circulation.
Mr. Speaker, I applaud the gentleman from New York (Mr. King) for introducing the bill, and the gentlewoman from the District of Columbia (Ms. Norton) for her tireless campaign towards its passage. I also commend many others who have urged passage in the past, including the gentleman from Alabama (Mr. Bachus), who sponsored a previous version of the legislation, and the gentlewoman from California (Ms. Waters). Of course, I would also like to thank the ranking member of the subcommittee, the gentlewoman from New York (Mrs. Maloney) and the chairman and ranking member of the full committee, the gentleman from Ohio (Mr. Oxley), and the gentleman from Massachusetts (Mr. Frank) for their assistance in making this legislation possible.
I urge swift passage of H.R. 2993 to recognize the invaluable contributions of the District and territories.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I would just like to start by thanking the gentlewoman from District of Columbia (Ms. Norton) for her tenaciousness on this. I always favored this concept as soon as I heard about it. But if it was not for her, frankly, pushing everybody, I do not think we would be where we are today. And I say that because we have been there a couple of times before, and she has had to do it again and again.
I doubt if there will be a Rose Garden ceremony for the signing of this if it passes, but I intend to come over there and shake your hand if it happens, because you deserve a lot of credit for it. We just have to get the Senate to cooperate.
Apropos of comments made earlier by the distinguished gentleman from Massachusetts (Mr. Frank) on another bill, this is a pretty good day here on the floor, at least this portion of it, as far as the Federal Government is concerned. The BEP hopefully will be able to enter into the business that they can do specifically that the private sector really cannot do as well and perhaps have a chance to add some revenues to the Federal Government as has indicated. This quarter program has already produced $4 billion in money to the Treasury as a result of the keeping of these coins and collecting.
The chances are that the young people here are all collecting them. When you go to a classroom, you find that they are all collecting these coins.
We still have 5 years to run, hopefully a 6th year to run on this. We hope it will produce, as I indicated earlier, another billion dollars. It is not many programs that actually produce real money, real revenue for the Federal Government.
Pursuant to that, without advocating anything, I would say as an extension of this that I have introduced legislation, as you may know, for a Presidential program on the dollar coins, which is also, according to the studies that have been done, has the ability to produce revenue for the Federal Government as a collector's item, with the spouses to be on a gold coin sold at the price of gold which would be about $380 right now as a collector's item.
All of these also have the ability to do what this coin has been done and, most importantly, inform not just young people but all of us about our States, as the gentlewoman from the District of Columbia (Ms. Norton) has pointed out, and about our territories, and about our Presidents hopefully.
So I think this has all been a very win-win-win situation. We are very appreciative of what this has done. I would encourage all of us to support this legislation, and hopefully this is something that we will get done this year.
Mr. Speaker, I yield myself such time as I may consume. I will be very brief. I just want to thank the representatives from the various territories and from the District of Columbia for actual historical lessons here on the floor. I think it behooves all of us, I recall those comments of the gentleman from Nebraska next to me, that perhaps putting the territories and District of Columbia on the quarter is more important than the States in some ways as this is such a good educational tool for our young people. So, hopefully, we will get that done this year.
Based on all I have heard, I think the problem is in the Senate, not the House. So we all need to go to work over in the Senate and get this done.
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.