Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am delighted that the House is taking up this bill that Congressman Castle and I initiated, and I truly believe it is a win-win for taxpayers and the economy, the…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I am delighted that the House is taking up this bill that Congressman Castle and I initiated, and I truly believe it is a win-win for taxpayers and the economy, the Presidential $1 Coin Bill.
As we recall, the House passed our version of this bill by an overwhelming bipartisan majority last April, and the Senate has now done the same with its version and sent it back here for final passage.
As our earlier vote reflects, this is an idea that we can all agree on. The Presidential dollar coin will begin in January of 2007 with the issuance of the George Washington dollar and continue at the rate of four Presidents a year until all Presidents who have completed their term of office have been honored, including President Bush and at least one successor.
The back of the coin has the Statue of Liberty, which is located in the harbor of the city I represent. It is recognized throughout the world as the image of the United States and the symbol of freedom and opportunity.
I am particularly pleased and thankful for discussions with Representative Pomeroy from North Dakota, Indian tribal chiefs and women's groups, on the provisions of the bill relating to the Sakakawea dollar coin that have been clarified, really strengthened, to make sure that Sakakawea will continue to be honored on the dollar throughout the program and after the program is complete. This is also true in the Senate version which we are voting on today.
This initiative builds on the remarkable success also led by my dear friend and colleague Congressman Castle of our 50 State quarter bill. Like the State quarters, the Presidential dollar coin will revive interest in and encourage use of the dollar coin, educate the public about our Presidents and their first ladies and make money for the taxpayers. After 5 years at the halfway point, the 50 State quarter program had made $4 billion for the United States Treasury, primarily from collectors taking the coins out of circulation so that the Federal Reserve then buys more from the Mint.
Over 130 million Americans, including children, adults and collectors, are collecting the quarters. I know from firsthand experience. My daughter is one of these collectors, and she has collected every single quarter, has books on them; her friends collect them. Teachers have told me that they use the quarter in their classrooms for educational purposes, and I believe that the Presidential dollar bill will likewise be used as an educational tool for collectors and for school children. We have similar hopes for the effect of the individuals collecting the Presidential dollar coins for them to be useful in the classroom and helpful to the Treasury.
In addition, this bill will revive interest in and encourage use of the dollar coin. The GAO has estimated that general use of dollar coins could save the government as much as $50 million per year because they last longer than the dollar bill.
I have received correspondence from small businesses, who are delighted that the bill will boost usage of the dollar coin in everyday commerce. As dollar coins achieve greater use in meters, fare machines, coin operated laundromats or car washes, these businesses will benefit and consumers will get faster and more efficient service.
We have done a great deal of research to make sure that this coin is successful. In the course of developing this bill, Congressman Castle reached out to the National Federation for the Blind to ask for the perspective of persons with visual impairments whom we might expect to have the most concern over problems with usage of a dollar coin and specifically with distinguishing it from a quarter. The NFB responded that so long as the edge of the coin was distinctive, persons with visual impairments would not have a problem, and we have accommodated that need. The legislation also leaves a great deal of flexibility to the Mint to
design the coins in such a way that they will be sufficiently distinctive, and we have made the Mint aware of this imperative.
I am also proud of the bill's provision for also honoring each first spouse. The bill provides for these to be issued both as gold bullion collectors items and also in a bronze version, making them more accessible to school children and the public.
This bill earns money for the government, benefits small businesses and consumers, educates all users of American currency about their Presidents and revitalizes interest in the dollar coin. I would call that a bill that clearly deserves our full support.
I would like to thank Congressman Castle for his initiative and steady work on this bill, a bill that should be supported easily by everyone. The fact is that it makes money for the Treasury, educates people and helps our economy, but we had many, many hurdles that we had to jump over, and his thoughtful and persistent work was absolutely critical for its success.
I also thank my good friend Representative Pomeroy for helping to make this a bill that continues to honor Sakakawea, both during the time that it is being minted and afterwards; and also our ranking member, Mr. Frank, for helping us to move this to the floor for a vote.
Of course, Congressman Oxley, we will miss you and miss your leadership in this body.
I would also like to thank Joe Pinder and Emily Pfeiffer on the majority staff of the Financial Services Committee for their assistance throughout this process.
And I would finally like to thank Jaime Lizarraga of the minority Financial Services Committee and Eleni Constantine for their work on it.
Mr. Speaker, I urge all of my colleagues to support it. It is not often that we have an opportunity to vote on something that will educate adults and children about our history, put money into the Treasury, save taxpayers money, help small business, and it is just plain fun to collect. So I am thoroughly in support of it.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield as much time as he may consume to the gentleman from North Dakota (Mr.
Pomeroy), who was instrumental in the passage of this bill. We thank him for his leadership.
Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.