HR 2977 · 112th Congress 2011–2013, ended

Currency Optimization, Innovation, and National Savings Act

Introduced Sep 20, 2011 Originated House Sponsor David Schweikert R-AZ

Fact sheet

Latest action · Oct 4, 2011 Referred to the Subcommittee on Domestic Monetary Policy and Technology.

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.

  1. IntroducedSep 20, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 14

Members who signed on, in the order they did. Signatures ran from Sep 20, 2011 to Apr 18, 2012, with 2 there on the day it was introduced.

SeatCosponsorSigned on
R-MOBlaine LuetkemeyerOriginalSep 20, 2011
R-TXJeb HensarlingOriginalSep 20, 2011
R-OHJames B. RenacciSep 23, 2011
R-OHPatrick J. TiberiSep 23, 2011
R-CAKen CalvertOct 6, 2011
D-NYPaul TonkoOct 14, 2011
D-IABruce L. BraleyNov 1, 2011
R-AZTrent FranksNov 1, 2011
D-IADavid LoebsackNov 30, 2011
D-IALeonard L. BoswellNov 30, 2011
R-MIThaddeus G. McCotterDec 16, 2011
R-NCWalter B. JonesJan 31, 2012
D-NYGregory W. MeeksApr 16, 2012
D-PARobert A. BradyApr 18, 2012

Actions 3

Everything that happened, newest first.

  1. Oct 4, 2011Referred to the Subcommittee on Domestic Monetary Policy and Technology.
  2. Sep 20, 2011Introduced in House
  3. Sep 20, 2011Referred to the House Committee on Financial Services.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 2049Currency Optimization, Innovation, and National Savings ActRelated billJan 31, 2012

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Sep 20, 2011Introduced in House

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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.