United States 112th Congress Status: Died 1 R cosponsors

S 1624 — Currency Efficiency Act of 2011

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

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Currency Efficiency Act of 2011 - Requires the Secretary of the Treasury to suspend issuance of presidential $1 coins during any period for which the Secretary determines that the surplus supply of $1 coins exceeds the reasonable circulation needs for one year. Prohibits the minting or issuance of $1 coins during any period in which the number of such coins issued, but not in circulation, is more than 10 percent of the number of $1 coins in circulation. Eliminates the requirement that institutions that want unmixed supplies of newly-issued designs of $1 coins be able to obtain such supplies. Requires the Board of Governors of the Federal Reserve System to: (1) determine an inventory level of $1 coins required among member banks to meet reasonable circulation needs, and (2) adjust its inventories of such coins to that level through methods that minimize the need for further storage expenditures. Deems surpluses of coins that can be most efficiently eliminated through destruction to consist of "obsolete and worn coins withdrawn from circulation" for purposes of disposal requirements.

Bill Text

We don't have the full text on file for this bill yet.

Read S 1624 on the official United States source →

Action History

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

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does S 1624 do?
Currency Efficiency Act of 2011 - Requires the Secretary of the Treasury to suspend issuance of presidential $1 coins during any period for which the Secretary determines that the surplus supply of $1 coins exceeds the reasonable circulation needs for one year. Prohibits the minting or issuance of $1 coins during any period in which the number of such coins issued, but not in circulation, is more than 10 percent of the number of $1 coins in circulation. Eliminates the requirement that institutions that want unmixed supplies of newly-issued designs of $1 coins be able to obtain such supplies. Requires the Board of Governors of the Federal Reserve System to: (1) determine an inventory level of $1 coins required among member banks to meet reasonable circulation needs, and (2) adjust its inventories of such coins to that level through methods that minimize the need for further storage expenditures. Deems surpluses of coins that can be most efficiently eliminated through destruction to consist of "obsolete and worn coins withdrawn from circulation" for purposes of disposal requirements.
Who sponsors S 1624?
S 1624 is sponsored by Scott Brown (Republican).
What is the current status of S 1624?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1624?
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