H.R. 2778House112th Congress (2011-2013)In Committee

Dollars and Sense Act of 2011

Sponsored by Adam SmithRep. Adam Smith (D-WA)
Introduced August 1, 2011

Legislative Activity

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2 earlier actions
HouseCommittee Latest Action

Referred to the Subcommittee on Domestic Monetary Policy and Technology.

August 22, 2011

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HouseIntro Referral

Introduced in House

August 1, 2011

HouseIntro Referral

Referred to the House Committee on Financial Services.

August 1, 2011

HouseCommittee

Referred to the Subcommittee on Domestic Monetary Policy and Technology.

August 22, 2011

Floor Debate

13 members

What members said about H.R. 2778 on the floor

4 Republicans9 Democrats
Rob Woodall
Rep. Rob WoodallR-GA-7 · Jun 24, 2011

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 328 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

David Dreier
Rep. David DreierR-CA-26 · Jun 24, 2011

I thank my friend from Lawrenceville for his typical stellar management of this very important rule; but I have to say, Mr. Speaker, that it saddens me greatly that we are here on the House floor,…

Louise McIntosh Slaughter
Rep. Louise McIntosh SlaughterD-NY-28 · Jun 24, 2011

I yield myself such time as I may consume. First, I want to thank my colleague very much for yielding the time, Mr. Speaker. We're considering matters of war and peace today. On Sunday, our Nation…

Henry A. Waxman
Rep. Henry A. WaxmanD-CA-30 · Jun 24, 2011

Mr. Speaker, I believe we do need proper congressional authorization for the military operations we are conducting in Libya, and we need a clear definition of the mission and our objectives. I would…

Barbara Lee
Rep. Barbara LeeD-CA-9 · Jun 24, 2011

I want to thank our ranking member for yielding and for her leadership and for this very important debate this morning. Mr. Speaker, let me just say, this debate, I believe, should have taken place…

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Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Jun 24, 2011

I thank the gentlelady. Mr. Speaker, I stand here this morning as someone who has opposed the Iraq war and consistently opposed the Afghanistan war under both Republican and Democratic Presidents. I…

Ron Paul
Rep. Ron PaulR-TX-14 · Jun 24, 2011

I thank the gentleman for yielding. I rise in support of this rule, although I have a lot of complaints about how we deal with the issue of war. This is a debate that should have gone on 4 months…

Jerrold Nadler
Rep. Jerrold NadlerD-NY-8 · Jun 24, 2011

I thank the gentlelady for yielding. Mr. Speaker, I rise in opposition to the Hastings resolution and in support of the Rooney resolution. This morning's paper, The New York Times, says that this is…

Dennis J. Kucinich
Rep. Dennis J. KucinichD-OH-10 · Jun 24, 2011

The right to protect civilians has morphed into the so- called right to change a regime and the right to destroy civilians. The situation is positively Orwellian, and it is all going wrong. Even…

John Garamendi
Rep. John GaramendiD-CA-10 · Jun 24, 2011

I thank the gentlelady from New York for yielding. Mr. Speaker, we are later this morning going to be engaged in one of the most important tasks of Congress, and that is what to do about war.…

Virginia Foxx
Rep. Virginia FoxxR-NC-5 · Jun 24, 2011

I thank my colleague from Georgia for yielding time. I rise today in support of this rule and of H.R. 2278, a bill to prohibit funds for continued U.S. military involvement in Libya except for…

Lynn C. Woolsey
Rep. Lynn C. WoolseyD-CA-6 · Jun 24, 2011

Mr. Speaker, I am pleased that the House has the opportunity today to actually have a serious debate on the war with Libya. Like most Americans, I am disappointed in any argument that says we are not…

Grace F. Napolitano
Rep. Grace F. NapolitanoD-CA-38 · Jun 24, 2011

Mr. Speaker, I was absent during rollcall vote No. 492. Had I been present, I would have voted ``nay'' on H. Res. 328, the rule providing for consideration of H.J. Res. 68, Authorizing the limited…

Bill Text

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Introduced in HouseIssued August 1, 2011

I

112th CONGRESS

1st Session

H. R. 2778

IN THE HOUSE OF REPRESENTATIVES

August 1, 2011

Mr. Smith of Washington introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prevent the overproduction of $1 presidential coins by the United States Mint in order to efficiently meet collector demand while reducing the surplus of already produced $1 coins in Federal Reserve System vaults, and for other purposes.

1.

Short title

This Act may be cited as the The Dollars and Sense Act of 2011.

2.

Findings

The Congress finds the following:

(1)

The backlog of more than 1.2 billion coins in Federal Reserve System vaults is highly concerning.

(2)

Overinflated demand for coin collecting purposes and lack of transactional demand by the general public has led to backlog of these coins.

(3)

Continued production of these coins will maintain seigniorage and help pay down our national deficit.

3.

Removal of unmixed supplies requirement during introductory period

Section 5112(p)(3)(D) of title 31, United States Code, is amended by striking ensuring that— and all that follows through (ii) circulating coins and inserting ensuring that circulating coins.

4.

Reduction in the number of Presidents honored in a year from 4 to 2

Section 5112(n)(4) of title 31, United States Code, is amended—

(1)

in the heading, by striking 4 and inserting 2;

(2)

in subparagraph (A), by striking 4 Presidents and inserting 2 Presidents; and

(3)

in the heading of subparagraph (B), by striking 4 and inserting 2.

5.

Postponement of Native American $1 coin issuance

Section 5112(r) of chapter 51 of title 31, United States Code, is amended—

(1)

in paragraph (1)(A)—

(A)

by striking beginning January 1, 2008 and inserting beginning on the termination of the issuance of coins under subsection (n); and

(B)

by striking in addition to the coins to be issued pursuant to subsection (n),; and

(2)

by striking paragraph (5).

6.

Limitation on minting of Presidential $1 coins

Section 5112(n)(4)(B) of chapter 51 of title 31, United States Code, is amended—

(1)

by inserting before the period the following: , except that the aggregate number of all coins for circulation issued under this subsection for any such year shall not exceed the number of $1 coins sold only as numismatic items during the previous calendar year; and

(2)

by adding at the end the following: If the Secretary determines that the demand for a particular design during a year will exceed the amount of coins able to be produced under the limitation in the previous sentence, the Secretary may waive such limitation with respect to such design..

7.

Reform to the Direct Ship Program

The Circulating $1 Coin Direct Ship Program of the United States Mint shall only be available to persons who are purchasing $1 coins for coin collection purposes.

8.

Technical Corrections

Section 5112(p)(3) of chapter 51 of title 31, United States Code, is amended—

(1)

in subparagraph (D), by adding and at the end;

(2)

in subparagraph (E), by striking ; and and inserting a period; and

(3)

by striking subparagraph (F).

9.

Sense of Congress

It is the sense of Congress—

(1)

that the Board of Governors of the Federal Reserve System should do everything in its power to address the backlog of $1 coins in its vaults by making them as accessible as possible to the public for purposes of circulation; and

(2)

the United States Mint should continue the production of Sacagawea coins for circulation purposes upon completion of the Presidential $1 Coin Program.