,,ii #aaeth ,,congress #ast ,session ,s4 #gei ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #bi1 #bjag,mr4 ,mc,cain 7for himself and ,mr4 ,enzi7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to save taxpayers money by improving the manufacturing and distribution of coins and notes1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,currency ,optimization1 ,innovation1 and ,national ,savings ,act of #bjag4 #b4 ,saving taxpayers money by suspending production of the penny 7a7 ,policy of the ,united ,states ,it is the policy of the ,united ,states that-- 7#a7 sufficient one-cent coins have already been minted to meet demand2 7#b7 taxpayers have been and would continue to lose money producing the one-cent coin2 and 7#c7 further production of the one-cent coin is not necessary for the next decade4 7b7 ,temporary suspension of production of the one-,cent coin ,except as provided in subsection 7c7 and notwithstanding any other provision of law1 the ,secretary of the ,treasury shall cease production of any new one-cent coins for the #aj-year period beginning on the date of enactment of this ,act4 7c7 ,exception 7#a7 ,in general ,the ,secretary of the ,treasury shall continue to produce one-cent coins as appropriate solely to meet the needs of numismatic collectors of that denomination4 7#b7 ,sale ,the one-cent coins produced under paragraph 7#a7 shall be sold in accordance with other general provisions governing collectible coins 7as opposed to circulating coins74 7#c7 ,net receipts ,the net receipts from the sale of one-cent coins produced under this exception shall equal the total cost of production1 including variable costs and the appropriate share of fix costs of production1 as determined by the ,secretary of the ,treasury4 7d7 ,,gao study ,not later than #c years after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 study the effect of the suspension of production of the one-cent coin2 and 7#b7 submit to the ,committee on the ,budget and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on the ,budget and the ,committee on ,financial ,services of the ,house of ,representatives a report-- 7,a7 on whether production should remain suspended or should be reinstated2 and 7,b7 that considers-- 7i7 the net savings to taxpayers from suspension of production2 7ii7 whether public demand for one-cent coins was able to be continuously met during the period of suspension2 7iii7 whether public demand for one-cent coins would likely continue to be met in the future without new production2 7iv7 whether the one-cent denomination of coin should be permanently ended as was the case with the one-half cent coin2 and 7v7 any other factors that are relevant4 7e7 ,no effect on legal tender ,notwithstanding any other provision of this section1 one-cent coins are legal tender in the ,united ,states for all debts1 public and private1 public charges1 taxes1 and duties1 regardless of the date of minting or issue4 #c4 ,saving taxpayers money by changing the composition of the nickel 7a7 ,new composition required ,section #eaab of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7w7 ,composition of circulating coins 7#a7 ,in general ,notwithstanding any other provision of law1 the ,director of the ,united ,states ,mint shall modify the composition of the five-cent coin in accordance with a study and analysis conducted by the ,united ,states ,mint to a variant of cupronickel composition equal to #hj percent copper and #bj percent nickel4 7#b7 ,effect ,this subsection shall remain in effect as long as the ,director of the ,united ,states ,mint verifies that the modification described in paragraph 7#a7 will-- 7,a7 reduce costs to the taxpayer2 7,b7 is found to be seamless through test by most coin-acceptors2 and 7,c7 will have no impact on the public or on stakeholders4 7#c7 ,increase in copper content ,the ,director of the ,united ,states ,mint may increase the percentage of copper and decrease the percentage of nickel in the five-cent coin if-- 7,a7 the ,director of the ,united ,states ,mint submits to ,congress a study on such a modification2 7,b7 the ,director of the ,united ,states ,mint makes the findings described in paragraph 7#b72 and 7,c7 the #ij-;day period beginning on the date on which the study is submitted under subparagraph 7,a7 has expired4 4 #d4 ,saving taxpayers money by replacing #a notes with #a coins 7a7 ,in general ,it is the policy of the ,united ,states that #a coins should replace #a ,federal ,reserve notes as the only #a monetary unit issued and circulated by the ,board of ,governors of the ,federal ,reserve ,system4 7b7 ,final date for placing #a notes into circulation ,beginning on the date that is #b years after the date of enactment of this ,act1 the ,board of ,governors of the ,federal ,reserve ,system may not issue #a ,federal ,reserve notes4 7c7 ,transition period ,before the date described in subsection 7b71 the ,board of ,governors of the ,federal ,reserve ,system shall ensure adequate supplies of #a coins to meet the demand of such coins on and after such date4 7d7 ,removal and destruction of #a ,federal reserve notes ,the ,board of ,governors of the ,federal ,reserve ,system shall ensure that all #a ,federal ,reserve notes removed from circulation in accordance with the date described in subsection 7b7 have been destroyed4 7e7 ,exception ,notwithstanding subsections 7b7 and 7c71 the ,board of ,governors of the ,federal ,reserve ,system shall produce such ,federal ,reserve notes of #a denomination as the ,board of ,governors determines from time to time are appropriate solely to meet the needs of numismatic collectors of that denomination4 ,such collectible versions of #a ,federal ,reserve notes shall be sold in accordance with other general provisions governing collectible versions of notes4 7f7 ,no effect on legal tender ,notwithstanding any other provision of this section1 #a ,federal ,reserve notes are legal tender in the ,united ,states for all debts1 public and private1 public charges1 taxes1 and duties1 regardless of the date of printing or issue4