House Passes Bipartisan Legislation Introduced by Senators Hassan, Enzi to Save Taxpayer Dollars by Modifying Composition of Currency
Money, how can it change? U.S. Senators Maggie Hassan (D-NH) and Mike Enzi (R-WY) released the following statements after the House passed bipartisan legislation that they introduced in the Senate earlier this year. It allows the U.S. Mint to adjust the metal content of circulating coins to save taxpayer dollars.
The bipartisan Coin Metal Modification Authorization and Cost Savings Act authorizes the U.S. Mint to modify the metallic composition of circulating coins if the modification will reduce costs incurred by taxpayers, allow for a seamless transition into circulation, and have minimal impact on the public. The money in your pocket might now show slight differences.
Common Cents With Money
“This commonsense, bipartisan bill would save millions of taxpayer dollars, according to the Government Accountability Office and the U.S. Mint,” Senator Hassan said.
“I’m glad the House passed this commonsense legislation that could save millions of taxpayer dollars every year,” Senator Enzi said. “By changing the composition of coins, the U.S. Mint can produce coins at a lower cost while integrating them seamlessly into the current coin supply. Making even a slight alteration to the composition could save the federal government $48 million over the first 10 years. It is a win-win and I urge my colleagues in the Senate to pass this legislation soon.”
As the lead Democrat on the Federal Spending Oversight and Emergency Management subcommittee, Senator Hassan is focused on working across the aisle to promote fiscal responsibility and improve innovation and efficiency within the federal government. The bipartisan Coin Metal Modification Authorization and Cost Savings Act is part of Senator Hassan’s efforts to implement changes included in the annual report from the Government Accountability Office (GAO) that examines duplication, overlap, and fragmentation in the federal government. Earlier this year, Senator Hassan introduced bipartisan legislation with Senator Rand Paul (R-KY) that would require government agencies to implement changes recommended by the GAO report in order to save taxpayer dollars and improve government efficiency.