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Commemorative Coins Reform Act of 2012
To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, and for other purposes.
Summary
This bill prohibits the federal government from paying surcharges collected from the sale of commemorative coins to private organizations or entities, except for the costs of producing and selling the coins. The bill requires that surcharges be used to cover all operational and program costs of the commemorative coin program. Any surcharges collected in excess of these costs must be transferred to the general U.S. Treasury for deficit reduction rather than being directed to outside organizations. The bill applies to commemorative coin programs established after the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Amash, Justin [R-MI-3] (R-MI)
11 cosponsors
- Rep. Campbell, John [R-CA-48] (R-CA)
- Rep. Duncan, Jeff [R-SC-3] (R-SC)
- Rep. Franks, Trent [R-AZ-2] (R-AZ)
- Rep. Garrett, Scott [R-NJ-5] (R-NJ)
- Rep. Labrador, Raul R. [R-ID-1] (R-ID)
- Rep. Mulvaney, Mick [R-SC-5] (R-SC)
- Rep. Pitts, Joseph R. [R-PA-16] (R-PA)
- Rep. Ribble, Reid J. [R-WI-8] (R-WI)
- Rep. Rigell, E. Scott [R-VA-2] (R-VA)
- Rep. Schweikert, David [R-AZ-5] (R-AZ)
- Rep. Stutzman, Marlin A. [R-IN-3] (R-IN)
Actions (3)
- Oct 23, 2012 Referred to the Subcommittee on Domestic Monetary Policy and Technology. · house
- Sep 21, 2012 Referred to the House Committee on Financial Services. · house
- Sep 21, 2012 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
September 21, 2012
Mr. Amash (for himself and Mr. Duncan of South Carolina) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To prohibit the payment of surcharges for commemorative coin programs to private organizations or entities, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Commemorative Coins Reform Act of 2012”.
SEC. 2. PROHIBITION ON PAYMENT OF SURCHARGES TO NON-FEDERAL ENTITIES.
Section 5134(f) of title 31, United States Code, is amended to read as follows:
“(f) Prohibition on Payment of Surcharges to Organizations Outside of the Federal Government.—
“(1) In general.—Notwithstanding any other provision of law, no surcharges collected with respect to the sale of any numismatic item may be paid to any organization outside of the Federal Government, other than with respect to the costs of producing and selling such item.
“(2) Payment of costs.—Surcharges collected in connection with the sale of any numismatic item shall be used to recover all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold.
“(3) Excess deposited into treasury.—Amounts of surcharges collected in excess of the amounts described in paragraph (2) shall be transferred by the Fund to the general fund of the Treasury for the purpose of deficit reduction.”.
SEC. 3. APPLICABILITY.
Subsection (f) of section 5134, United States Code, as amended by this Act, shall apply with respect to any commemorative coin program established or numismatic item produced pursuant to an Act enacted on or after the date of enactment of this Act. <all>
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