HR 3917

110th CONGRESS
1st Session

H. R. 3917

To suspend the effectiveness of certain regulations relating to the penny, and the authority to prescribe such regulations, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

October 22, 2007

Mr. SPACE introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To suspend the effectiveness of certain regulations relating to the penny, and the authority to prescribe such regulations, 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 `Coinage Efficiency Act of 2007'.

SEC. 2. SUSPENSION OF REGULATORY AUTHORITY.

    (a) In General- The regulations prescribed by the Director of the United States Mint, pursuant to a delegation by the Secretary of the Treasury of the Secretary's authority under section 5111(d) of title 31, United States Code, as published in final form in the Federal Register on April 16, 2007 (Vol. 72, No. 72, page 18880, et seq.), and codified as part 82 of chapter 1 of subtitle B of title 31, Code of Federal Regulations, shall cease to apply as of the date of the enactment of this Act, and shall have no force or effect after such date, with respect to 1-cent coins.

    (b) Suspension of Prospective Regulations- The Secretary of the Treasury shall have no authority to prescribe any regulations under section 5111(d) of title 31, United States Code, that would limit or prohibit the export, melting, or treatment of the 1-cent coin during the period beginning on the date of the enactment of this Act and ending on the date when the Secretary first issues a 1-cent coin with a different metallic content than the 1-cent coins issued as of such date of enactment.

    (c) No Effect on Other Coins- No provision of this section shall be construed as affecting--

      (1) the applicability of the regulations referred to in subsection (a) to coins other than the 1-cent coin; or

      (2) the authority of the Secretary of the Treasury to prescribe regulations under section 5111(d) of title 31, United States Code, with respect to coins other than the 1-cent coin.

END