Bill
Bill > HR2299
summary
Introduced
05/02/2017
05/02/2017
In Committee
05/02/2017
05/02/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Currency Optimization, Innovation, and National Savings Act of 2017 This bill directs the Government Accountability Office to study the production cost of the one-cent coin and ways the production cost could be lowered while maintaining the utility of the coin. The bill provides for the replacement of $1 notes with $1 coins as the only $1 monetary unit in circulation. Treasury will no longer be authorized to issue $1 notes two years after passage of this bill and the Board of Governors of the Federal Reserve System shall ensure that all $1 Federal Reserve notes are destroyed within this time. Notwithstanding this bill, $1 Federal Reserve notes shall remain legal tender in the United States.
AI Summary
This bill, the Currency Optimization, Innovation, and National Savings Act of 2017, directs the Government Accountability Office (GAO) to study the production cost of the one-cent coin (also known as the penny) and ways to lower the production cost while maintaining the coin's utility. The bill also provides for the replacement of $1 banknotes with $1 coins as the only $1 monetary unit in circulation. The Federal Reserve will no longer be authorized to issue $1 banknotes two years after the bill's passage, and all existing $1 banknotes will be destroyed within this time period. However, the $1 banknotes will remain legal tender in the United States.
Committee Categories
Business and Industry
Sponsors (10)
Claudia Tenney (R)*,
Mike Bost (R),
Robert Brady (D),
Bill Foster (D),
Paul Gosar (R),
Duncan Hunter (R),
Walter Jones (R),
Jared Polis (D),
Kyrsten Sinema (I),
Paul Tonko (D),
Last Action
Referred to the House Committee on Financial Services. (on 05/02/2017)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2299/all-info |
| BillText | https://www.congress.gov/115/bills/hr2299/BILLS-115hr2299ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2299/BILLS-115hr2299ih.pdf.pdf |
Loading...