Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3786) to authorize the Secretary of the Treasury to produce currency, postage stamps, and other security documents at the request of foreign governments on a reimbursable…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3786) to authorize the Secretary of the Treasury to produce currency, postage stamps, and other security documents at the request of foreign governments on a reimbursable basis.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation, and to insert extraneous material thereon.
Mr. Speaker, I yield myself 5 minutes.
Mr. Speaker, I rise to voice my strong support for H.R. 3786, the Bureau of Engraving and Printing Security Printing Act of 2004, introduced by the gentleman from New York (Mr. King). The bill authorizes the Secretary of the Treasury to print, under certain conditions, currency and security documents for foreign governments if it is consistent with our foreign policy objectives.
Mr. Speaker, while the United States Mint is allowed in law to produce coins for other countries, the Bureau of Engraving and Printing, or BEP, as we know it, is not. This prohibition has prevented the BEP from responding to a number of requests or opportunities to help smaller countries strengthen their economies by producing currency or security documents such as stamps or deeds or passports that are difficult
to counterfeit. Simply put, Mr. Speaker, if the opportunity is there to impede counterfeiting of this sort and the BEP is prevented by law from taking it, we are all the losers.
The bill is essentially in the same language as that which has passed the House by both voice and recorded vote in the past several Congresses after being introduced at the request of both this and the prior administration, Mr. Speaker.
Because of the current prohibition in law, we have turned away currency-printing requests from friends such as Kuwait after the first Gulf War and Mexico a couple of years ago when they were redesigning their currency, and we were unable to bid on reprinting the currency of Iraq to remove the image of Saddam after last year's war.
Mr. Speaker, many countries lack the resources to produce secure currency or secure passports. Nothing in this legislation prevents a country from choosing a U.S.-based private sector printer; but the history of this sort of printing is that while a private sector printer is bound to be less expensive, the business is not price-sensitive. Typically, when countries turn to a printer outside their own borders, it is to another government printer: the bank of Australia, the Bank of England, or the European Central Bank printers. In my view, the United States Treasury should be on that list as well.
Mr. Speaker, this legislation specifies that the BEP could not bid on any printing contract for another government unless it could do the work without interrupting the printing and delivery of U.S. currency and security documents, and unless the Secretary of State certified that the work would be consistent with U.S. foreign policy.
Additionally, the BEP must be reimbursed by the client country, so that the work does not cost the U.S. taxpayer and it is not just another form of foreign aid. All costs, including administrative costs, will be passed to the foreign governments and no rogue state or unfriendly nation will receive the benefit of our knowledge and expertise.
Mr. Speaker, I urge my colleagues to support this long overdue legislation and permit BEP to print currency, postage, and other security documents for foreign governments.
Mr. Speaker, today I rise in support of H.R. 2993, the ``District of Columbia and United States Territories Circulating Quarter Dollar Program Act,'' introduced February 10 by the gentleman from New York, Mr. King.
This legislation will enhance the popular 50-State Quarter program I am proud to have authored, with the addition of a one-year program that will include designs reminiscent of the District of Columbia, American Samoa, Guam, Puerto Rico, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands on the reverse of our circulating quarters in the year following the end of the State quarter program in 2008. With passage of this legislation, the District of Columbia and the U.S. territories will rightly be included in the historical depictions on the quarter. I support these inclusions for both the historical importance and financial benefit for the United States Treasury.
Mr. Speaker, the State quarter program--which reached the halfway mark at the end of December--has dramatically increased general knowledge of the historical contributions of our fifty States. I believe the legislation under consideration today would do the same for the District and the territories. These areas have some of the highest enlistment rates in our armed forces--their commitment continues through today's conflicts and includes the tragic sacrifice of the lives of among others Lance Cpl. Gregory E. MacDonald of the District of Columbia, and Army Pvt. Jonathan I. Falaniko, of Pago Pago, American Samoa.
As well, Mr. Speaker, the District and the territories have made many historical, cultural and athletic contributions to our Nation, and this bill we consider today is a great opportunity to recognize them, in artwork on the reverse of the quarters.
The one-year program provides more than intangible benefits to the United States. It provides an economic boon to our Nation's Treasury. The success of the State quarter program has been overwhelming. The quarters have become one of the most popular collector's items in the United States and abroad. As of December, the halfway point of the program, Federal revenues had grown by over four billion dollars, representing coins that have been taken out of circulation by collectors. As a result, it is estimated that if the popularity of quarters produced under this legislation follow similar trends, as much as one billion dollars worth of the quarters may be taken out of circulation.
Mr. Speaker, I applaud the gentleman from New York, Mr. King, for introducing this bill, and the gentlewomen from the District of Columbia, Ms. Norton, for her tireless campaign towards its passage. I also commend many others who have urged passage over the past, including the gentleman from Alabama, Mr. Bachus, who sponsored a previous version of the legislation, and the gentlewomen from California, Ms. Waters. Of course, I would also like to thank the ranking member of the Subcommittee, the gentlewomen from New York, Mrs. Maloney and the Chairman and Ranking Member of the full committee, Mr. Oxley and Mr. Frank, for their assistance in making this legislation possible.
Mr. Speaker, I urge swift passage of H.R. 2993 to recognize the invaluable contributions of the District and the territories.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
I am very pleased that this bill at least addresses in some very small part some of the concerns which the gentleman from Massachusetts holds, and I understand all that. But I think he is correct about this bill. I do not think there is any argument that what we are doing is essentially positive for the environment and for a government agency which can provide these services.
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.