H.R. 2299 · 115th Congress
Currency Optimization, Innovation, and National Savings Act of 2017
- Stage
- In committee
- Sponsor
- Claudia Tenney
- Introduced
- 2017-05-02
- Latest action
- 2017-05-02 · Introduced in House
Summary
Currency Optimization, Innovation, and National Savings Act of 2017
This bill directs the Government Accountability Office to study the production cost of the one-cent coin and ways the production cost could be lowered while maintaining the utility of the coin.
The bill provides for the replacement of $1 notes with $1 coins as the only $1 monetary unit in circulation. Treasury will no longer be authorized to issue $1 notes two years after passage of this bill and the Board of Governors of the Federal Reserve System shall ensure that all $1 Federal Reserve notes are destroyed within this time.
Notwithstanding this bill, $1 Federal Reserve notes shall remain legal tender in the United States.