LA28 Olympic and Paralympic Games Commemorative Coin Act
Impact
The bill specifies the minting of various coin denominations: $5 gold coins, $1 silver coins, half-dollar clad coins, and proof silver coins. Each category comes with set production limits, with respective surcharges applied to all sales. The revenue generated from these coins, particularly through surcharges, is intended to support the United States Olympic and Paralympic Properties, assisting in the promotion of youth sports and related legacy programs from the games.
Summary
SB2311, known as the LA28 Olympic and Paralympic Games Commemorative Coin Act, mandates the Secretary of the Treasury to mint coins to commemorate the upcoming 2028 Olympic and Paralympic Games to be hosted in Los Angeles, California. This act will be the first time the Olympic and Paralympic Games will be held in the U.S. in 26 years, celebrating significant milestones for both events. Amongst its objectives, the bill aims to encourage inclusivity and greater awareness of the Paralympic Games, coinciding with its 80th anniversary.
Contention
While the bill received support for celebrating the Olympic spirit and boosting awareness for disabilities through the Paralympics, concerns may arise regarding the financial implications. Specifically, it is essential to ensure that minting and issuing the coins does not incur any net cost to the Federal Government. The Secretary is tasked with establishing a self-sustaining operation concerning design and minting costs, raising questions on balancing fundraising efforts with financial accountability.
An act to add Section 8591.6.5 to the Government Code, and to add and repeal Section Sections 830.45 and 13519.16 of the Penal Code, relating to state government.