Coin Modernization and Taxpayer Savings Act of 2008
Latest action · May 12, 2008 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 28, 2008
- Passed HouseMay 8, 2008
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Coin Modernization and Taxpayer Savings Act of 2008 - Requires the one-cent coin (except for Lincoln Bicentennial Numismatic Pennies) to be produced primarily of steel and treated to impart a copper color to its appearance similar to one-cent coins produced of a copper-zinc alloy.
Authorizes the Secretary of the Treasury, in the alternative, during the 90 days following enactment of this Act, to add any other element to any alloy of zinc and copper of which one-cent coins could have been composed before enactment of this Act, if during such 90-day period another element is determined to help produce one-cent coins of the same diameter, general composition, and general weight, but at a lower unit cost. Requires a prompt report to Congress if such a determination is made.
Directs the Secretary, two years after enactment of this Act, to produce only five-cent coins primarily made of steel with a coating of nickel, unless by that time the unit cost of production of existing five-cent coins is lower than their face value. Requires the Secretary, however, to recommend a different metallic content of circulating five-cent coins if any biennial report to Congress, required by this Act, indicates that such a different metallic content is both functional and interchangeable with existing coins, and more economical to produce in both the short and long term.
Authorizes the Secretary, in order to accomplish the goals of this Act, to research, develop, evaluate or begin to use new metallic material for circulating coin production.
Requires the Secretary to report biennially to specified congressional committees on the production costs for each circulating coin, cost trends, and possible new metallic materials or technologies for the production of circulating coins, with detailed recommendations for any appropriate changes to the metallic content of circulating coins.
Cosponsors 2
Members who signed on, in the order they did. All signed on Feb 28, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Barney Frank | Original | Feb 28, 2008 |
| D-IL | Luis V. Gutierrez | Original | Feb 28, 2008 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Feb 28, 2008 |
| Domestic Monetary Policy and Technology Subcommittee | Referred Feb 28, 2008Hearings Mar 11, 2008 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred May 12, 2008 |
Actions 13
Everything that happened, newest first.
- May 12, 2008Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- May 8, 2008Considered as unfinished business. (consideration: CR H3203-3204)
- May 8, 2008Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 5/6/2008 H3096-3097)
- May 8, 2008Motion to reconsider laid on the table Agreed to without objection.
- May 8, 2008The title of the measure was amended. Agreed to without objection.
- May 6, 2008Mr. Gutierrez moved to suspend the rules and pass the bill, as amended.
- May 6, 2008Considered under suspension of the rules. (consideration: CR H3096-3099)
- May 6, 2008DEBATE - The House proceeded with forty minutes of debate on H.R. 5512.
- May 6, 2008At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Carter objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
- Mar 11, 2008Subcommittee Hearings Held.
- Feb 28, 2008Introduced in House
- Feb 28, 2008Referred to the House Committee on Financial Services.
- Feb 28, 2008Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H3203 | — | May 8, 2008 |
| House | Debate and remarks H3096–H3099Text printed H3096Rulings of the chair H3099 | Luis V. Gutierrez D-IL, Peter J. Roskam R-IL, Zachary T. Space D-OH | May 6, 2008 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 110-98 | H.R. 5512, THE COIN MODERNIZATION AND TAXPAYER SAVINGS ACT OF 200872 pages | Financial Services Committee | Mar 11, 2008 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3956 | Coin Modernization and Taxpayer Savings Act of 2007 | Related bill | Mar 25, 2008 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To authorize the Secretary of the Treasury to prescribe the weights and the compositions of circulating coins, and for other purposes.
- Official Titles as Amended by House
- To reduce the costs of producing 1-cent and 5-cent coins, provide authority to the Secretary of the Treasury to perform research and development on new metallic content for circulating coins, and to require biennial reports to Congress on circulating coin production costs and possible alternative metallic content.
- Short Titles as Introduced
- Coin Modernization and Taxpayer Savings Act of 2008
- Short Titles as Passed House
- Coin Modernization and Taxpayer Savings Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- May 12, 2008Referred in Senate
- May 8, 2008Engrossed in House
- Feb 28, 2008Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
