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S 4006 116th Congress Senate Finance and Financial Sector

Coin Metal Modification Authorization and Cost Savings Act of 2020

Introduced: June 18, 2020 Introduced by: Hassan, Margaret Wood Democratic · New Hampshire See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 18, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 18, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Coin Metal Modification Authorization and Cost Savings Act of 2020

This bill authorizes the United.States Mint to modify the metallic composition of circulating coins (including by prescribing reasonable manufacturing tolerances with respect to those coins) if a study and analysis conducted by the Mint indicates that the modification will

  • reduce costs incurred by the taxpayers;
  • be seamless, which shall be determined by verifying that the coins will work interchangeably in most coin acceptors using electromagnetic signature technology; and
  • have as minimal an adverse impact as possible on the public and stakeholders.

The Mint must notify Congress before making the midification and provide a justification for the modification.

What's happening now June 18, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1