H.R. 2299House115th Congress (2017-2019)In Committee

Currency Optimization, Innovation, and National Savings Act of 2017

AI-Generated Summary

Updated April 15, 2026 at 3:05 PM UTC

The Currency Optimization, Innovation, and National Savings Act of 2017 aims to cut government spending by making U.S. coin and paper money production more efficient. It orders a study of the cost of making pennies and sets a plan to replace the one‑dollar paper bill with a one‑dollar coin. The bill affects the Federal Reserve, the Treasury’s coin‑making operations, and ultimately taxpayers and anyone who uses cash.

Key Provisions

The Comptroller General must study how much it costs to produce the penny and report ways to lower that cost within 180 days.
The Federal Reserve is required to stop issuing $1 paper notes two years after the law takes effect, and to replace them with $1 coins.
Before the cutoff, the Fed must ensure enough $1 coins are available and must destroy all $1 notes taken out of circulation, except for special collector’s versions that can still be sold.
The $1 notes, even after removal from circulation, remain legal tender for all debts and taxes.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

May 2, 2017

View full timeline

HouseIntro Referral

Introduced in House

May 2, 2017

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

May 2, 2017

Floor Debate

1 member

What members said about H.R. 2299 on the floor

1 Republican

Rep. Claudia TenneyR-NY-22 · Sep 25, 2017

Madam Speaker, I ask unanimous consent to remove Representative Carlos Curbelo as a cosponsor of H.R. 2299.

Bill Text

Latest available legislative text

Reading Mode

Raw Text PDF XML

Introduced in HouseIssued May 2, 2017

115th CONGRESS

1st Session

H. R. 2299

IN THE HOUSE OF REPRESENTATIVES

May 2, 2017

Ms. Tenney (for herself, Mr. Brady of Pennsylvania, and Mr. Jones) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To save taxpayers money by improving the manufacturing and distribution of coins and notes, and for other purposes.

Short title

This Act may be cited as the Currency Optimization, Innovation, and National Savings Act of 2017.

GAO study on the production of the penny

(a)

Study

The Comptroller General of the United States shall carry out a study on the production cost of the one-cent coin and ways the production cost could be lowered while maintaining the utility of the one-cent coin.

(b)

Report

Not later than 180 days after the date of enactment of this Act, the Comptroller General shall issue a report to the Committee on the Budget and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on the Budget and the Committee on Financial Services of the House of Representatives containing all findings and determinations made in carrying out the study required under subsection (a).

Saving taxpayers money by replacing $1 notes with $1 coins

(a)

In general

It is the policy of the United States that $1 coins should replace $1 Federal reserve notes as the only $1 monetary unit issued and circulated by the Board of Governors of the Federal Reserve System.

(b)

Final date for placing $1 notes into circulation

Beginning on the date that is 2 years after the date of enactment of this Act, the Board of Governors of the Federal Reserve System may not issue $1 Federal reserve notes.

(c)

Transition period

Before the date described in subsection (b), the Board of Governors of the Federal Reserve System shall ensure adequate supplies of $1 coins to meet the demand of such coins on and after such date.

(d)

Removal and destruction of $1 Federal reserve notes

The Board of Governors of the Federal Reserve System shall ensure that all $1 Federal reserve notes removed from circulation in accordance with the date described in subsection (b) have been destroyed.

(e)

Exception

Notwithstanding subsections (b) and (c), the Board of Governors of the Federal Reserve System shall produce such Federal reserve notes of $1 denomination as the Board of Governors determines from time to time are appropriate solely to meet the needs of numismatic collectors of that denomination. Such collectible versions of $1 Federal reserve notes shall be sold in accordance with other general provisions governing collectible versions of notes.

(f)

No effect on legal tender

Notwithstanding any other provision of this section, $1 Federal reserve notes are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of printing or issue.