I
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
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.
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
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.
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.
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.
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.
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.
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.