S.2049 - Currency Optimization, Innovation, and National Savings Act

A bill to improve the circulation of $1 coins, to remove barrier to the circulation of such coins, and for other purposes. view all titles (2)

All Bill Titles

Official: A bill to improve the circulation of $1 coins, to remove barrier to the circulation of such coins, and for other purposes. as introduced.
Short: Currency Optimization, Innovation, and National Savings Act as introduced.

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Introduced

Senate
Passes

House
Passes

President
Signs

01/30/12

Official Bill Text Comment on about 8 Pages

Sponsor

Senator

Thomas Harkin

D-IA

View Co-Sponsors (4)

Committees

Senate Banking, Housing, and Urban Affairs

Related Issue Areas

Data via Congressional Research Service View all Issues (2 more)Hide Issues

Official Summary

1/31/2012--Introduced.Currency Optimization, Innovation, and National Savings Act - Requires the Board of Governors of the Federal Reserve System (Federal Reserve Board) to sequester all $1 coins bearing the design common to those $1 coins minted and issued from 1979-1981 and again in 1999. Allows the release of such sequestered coins to collectible coin dealers and countries that have adopted the U.S. dollar as their base unit of exchange. Directs the Federal Reserve Board to:
(1) undertake efforts to improve, and remove barriers to, the circulation of all other $1 coins; and
(2) work with the U.S. Mint, consumer groups, media outlets, and schools to publicize the Presidential $1 Coin Program. Declares it is U.S. policy that after consumers and retailers are comfortable using and able to obtain adequate supplies of $1 coins, such $1 coins should replace $1 Federal Reserve notes as the only $1 monetary unit issued and circulated by the Federal Reserve System.

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