H.R.2977 - Currency Optimization, Innovation, and National Savings Act

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: 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
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/20/11
 
 
 
 
 
 
 

Sponsor

Representative

David Schweikert

R-AZ

View Co-Sponsors (14)

Official Summary

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

Official Summary

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 the 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 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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