American Innovation $1 Coin Act

Mr. President, I rise to submit to the Senate the budget scorekeeping report for July 2018. The report compares current-law levels of spending and revenues with the amounts the Senate agreed to in the budget resolution for fiscal year 2018, H. Con. Res. 71, and the Bipartisan Budget Act of 2018 (BBA18). This information is necessary for the Senate Budget Committee to determine whether budgetary points of order lie against pending legislation. The Republican staff of the Senate Budget Committee and the Congressional Budget Office, CBO, prepared this report pursuant to section 308(b) of the Congressional Budget Act (CBA).

This is the fifth scorekeeping report this year and the second since I filed new enforceable levels on May 7, pursuant to BBA18 requirements. My last filing can be found in the Congressional Record for June 6, 2018. The information included in this report is current through July 16, 2018.

Republican Budget Committee staff prepared Tables 1-6.

Table 1 gives the amount by which each Senate authorizing committee exceeds or is below its allocation for budget authority and outlays under the most recently adopted budget resolution and the fiscal year 2019 enforceable levels filing. This information is used for enforcing committee allocations pursuant to section 302 of the CBA. For this reporting period, 10 of the 16 authorizing committees are in compliance with their allocations.

During this reporting period, Congress cleared two pieces of legislation with significant budgetary effects scored to authorizing committees. The first bill was H.R. 770, the American Innovation $1 Coin Act. This measure requires the Secretary of the Treasury to mint, beginning in 2019, new $1 coins ``in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories.'' CBO estimates that H.R. 770 would increase direct spending in the near term by $3 million but would be deficit- neutral over the entire budget window. This bill was charged to the Banking, Housing, and Urban Affairs Committee. The second bill was H.R. 5956, the Northern Mariana Islands U.S. Workforce Act of 2018. This bill modifies U.S. immigration policy regarding the Northern Mariana Islands, thereby reducing the number of people able to claim asylum and receive means-tested benefits. CBO estimates that this bill would save $3 million over the budget window. H.R. 5956 was charged to the Energy and Natural Resources Committee.

Tables 2-6 remain unchanged from my last filing.

In addition to the tables provided by Budget Committee Republican staff, I am submitting CBO tables, which I will use to enforce budget totals approved by Congress.

Because legislation can still be enacted that would have an effect on fiscal year 2018, CBO has provided a report both for fiscal year 2018 and fiscal year 2019. This information is used to enforce aggregate spending and revenue levels in the budget resolution under section 311 of the CBA. CBO's estimates show that current-law levels of spending for fiscal year 2018 exceed the amounts in H. Con. Res. 71 by $157.4 billion in budget authority and $106.3 billion in outlays. Revenues are $3.2 billion above the revenue floor for fiscal year 2018 set by the budget resolution. Social Security outlays are at the levels assumed by the resolution, while Social Security revenues are $446 million below the levels in the budget.

For fiscal year 2019, CBO estimates that current-law levels are below the fiscal year 2019 enforceable aggregates by $1,142.2 billion in budget authority and $646.1 billion in outlays. The allowable spending room will be reduced as appropriations bills are enacted. Revenues are $5 million below the level assumed for fiscal year 2019. Finally, Social Security outlays and revenues are at the levels assumed in the fiscal year 2019 enforcement filing.

CBO's report also provides information needed to enforce the Senate pay-as-you-go, PAYGO, rule. After accounting for enacted legislation during this reporting period, the PAYGO scorecard shows deficit increases in fiscal year 2019 of $25 million--$5 million revenue loss, $20 million outlay increase--over the fiscal year 2019-2023 period of $332 million--$47 million revenue loss, $285 million outlay increase-- and over the fiscal year 2019-2028 period of $487 million--$108 million revenue loss, $379 million outlay increase. The Senate's PAYGO rule is enforced by section 4106 of H. Con. Res. 71.

Included in this submission is a table tracking the Senate's budget enforcement activity on the floor since the May 7 enforcement filing. On June 18, 2018, Senator Bernard Sanders raised a Senate PAYGO point of order against H.R. 5515, the John S. McCain National Defense Authorization Act for Fiscal Year 2019. That point of order was waived by a vote of 81-14. H.R. 5515 has yet to be enacted and is currently in conference.

All years in the accompanying tables are fiscal years.

I ask unanimous consent that the accompanying tables be printed in the Record.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 770) to require the Secretary of the Treasury to mint coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories, to promote the importance of innovation in the United States, the District of Columbia, and the United States territories, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on this bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise today in support of H.R. 770, the American Innovation $1 Coin Act, introduced by my friend from Connecticut (Mr. Himes). The legislation seeks to honor that which is best about America: her innovative spirit.

If enacted, the legislation would authorize a program under which the Treasury Department's United States Mint would produce a series of $1 coins celebrating the innovative capacity of the United States. By the way, it is that innovative capacity that makes us so great and competitive and allows our salaries and incomes to rise.

Under the program, the front of the coins would have the standardized image symbolic of liberty, and the design on the reverse would be an image or images emblematic of one of a significant innovation, an innovator or pioneer, or a group of innovators or pioneers.

Four different reverse images would be issued annually, representing innovations or innovators from each State, territory, or the District of Columbia. The order of issue would be strictly alphabetical. That means the first issue would go to the great State of Alabama.

The number of coins of each design would be determined by the Treasury Secretary. While the coins technically would be circulating coins and usable in ordinary commerce, there is no real demand for circulating $1 coins at present. So the demand would strictly be determined by collector interest.

The program would be produced at no cost to the taxpayer. I think that is important. Mr. Himes made sure of that. Depending on the collector demand, it actually might produce a surplus that would then be returned to the Treasury's General Fund.

The legislation explicitly states that minting of the innovation coins would in no way interfere with the minting and issuing of the $1 coins honoring Native Americans. Those coins similarly have a standardized front design

and a reverse design that changes regularly, honoring the great contributions that have been made to this country by Native Americans.

So, Mr. Speaker, the Presidential dollar, when produced for collectors, had a demand of a little more than 5 million coins per design. That seems to indicate enough interest that would and should approve this program, as it can proceed at no cost to the taxpayer, while allowing the Mint to fully use its facilities. The language we are considering contains some minor technical amendments that will allow the coin production to begin more swiftly, which I think makes sense.

I think this is a good bill, and Mr. Himes has kind of thought through any red flags that could be risen by any Member on the floor. He has addressed those.

Mr. Speaker, I support this bill and encourage my colleagues to do the same, and I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, again, I think it is important to note that we are using the capacity of the Mint, which costs no additional money. But as Mr. Himes pointed out, we are celebrating innovation. As a country, we continue to innovate and create in a way that no one else does in the world. It is that innovation and creation that creates more and better jobs for our society, our community, and our families. So I think it is a wonderful idea to celebrate that by way of a coin that costs the taxpayers no money but celebrates this great American trade.

Mr. Speaker, I encourage all Members to support this bill, and I yield back the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I thank my friend from Wisconsin for his support of this bill and the kind things he said about it.

Mr. Speaker, the American Innovation $1 Coin Act addresses the decreasing numismatic coin sales resulting from the discontinuation of the Presidential $1 coin series.

When enacted, this bill will first commission the U.S. Mint to create a year-long introductory coin series bearing the semblance of George Washington's signature on the first patent.

The bill will then direct the Mint to release four $1 coins each year, as my friend from Wisconsin said, featuring a great American innovation from each State over the next 14 years. Coins will be issued in alphabetical order, starting with Alabama. State innovations will be chosen with input from State Governors, territory executives, the Commission of Fine Arts, and the Citizens Coinage Advisory Committee.

Mr. Speaker, I am particularly excited about the concept of commemorating and honoring innovation. As Mr. Duffy has said, this is one of the core strengths of our country. We have fights across the aisle, as we should, over our economy and where this government intervenes. I think we agree that one of the key strengths of the United States is our entrepreneurial capacity and the remarkable innovations that come out of all 50 States and the territories of the United States.

It is right that, in some small way, we honor those innovations and those innovators who help our economy grow, give us competitive advantage, and make us all proud to be part of the United States of America.

Mr. Speaker, these coins will be sold as a product for collectors and minted to demand with oversight from the Treasury.

Per U.S. Mint reports, to the point made by my friend from Wisconsin, the $1 coin costs less than 35 cents to make. As a product for collectors, the $1 coins sell for more than face value, up to $1.32 each. That is nearly a $1 profit on every coin. Proceeds from this coin will return money to the Treasury. In addition, the infrastructure producing these coins is already in place.

This program will sunset once all States and territories have been honored and cannot be resumed, except by an act of Congress.

This legislation has the support of members of the coin industry and their local suppliers and service providers across the States, including a number of small businesses in my district. These businesses represent scores of small businesses and thousands of jobs around the country.

I believe this bill will engage the public, fill the void of a terminated coin series, help increase the Mint's profitability, and create and sustain coin-related jobs in both public and private sectors, all while honoring and commemorating the remarkable innovative capacity of our country.

I urge my colleagues to support H.R. 770, and I thank Chairman Hensarling, Ranking Member Waters, Chairman Barr, and Ranking Member Moore, as well as my friend from Wisconsin, for their support and determination to get this important bill scheduled and passed.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. President, I wish to submit to the Senate the budget scorekeeping report for November 2018. The report compares current-law levels of spending and revenues with the amounts the Senate agreed to in the budget resolution for fiscal year 2018, H. Con. Res. 71, and the Bipartisan Budget Act of 2018, BBA18. This information is necessary for the Senate Budget Committee to determine whether budgetary points of order lie against pending legislation. The Republican staff of the Budget Committee and the Congressional Budget Office, CBO, prepared this report pursuant to section 308(b) of the Congressional Budget Act,

Mr. Speaker, I ask unanimous consent to take from the Speaker's table the bill (H.R. 770) to require the Secretary of the Treasury to mint coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories, to promote the importance of innovation in the United States, the District of Columbia, and the United States territories, and for other purposes, with the Senate amendment thereto, and to concur in the Senate amendment.