US Federal 2023-2024 Regular Session

US Federal Senate Bill SB627

Introduced
3/2/23  

Caption

Cancel the Coin Act

Impact

If enacted, SB627 will have substantial implications for the production and regulation of currency in the United States. By restricting the face value of coins, it may alter the landscape of coin-based transactions and could influence the broader monetary policy by reducing the likelihood of using high-value coins in financial operations. The bill aims to ensure that the coins in circulation remain within manageable denominations, which could simplify accounting and transactional operations for both businesses and consumers.

Summary

SB627, known as the 'Cancel the Coin Act', is a legislative proposal that aims to amend Title 31 of the United States Code regarding the limitations on the face value of coins. The bill is primarily focused on establishing a cap on the nominal value of coins that can be minted and issued, setting a maximum face value of $200. This change seeks to regulate the types of coins in circulation by preventing the issuance of higher denomination coins, which may be utilized for significant financial transactions and monetary policy management.

Contention

The legislation may elicit debate regarding its necessity and effectiveness. Proponents argue that limiting coin values could discourage speculative behavior or hoarding of coins that hold considerable value, while critics might contend that such a limitation could hinder both collectors and those who rely on larger denominations for specific transactions. Additionally, the implications for existing coin collections and the potential economic impact on coin collectors and investors cannot be overlooked.

Notable points

Ultimately, SB627 emphasizes a proactive approach to managing coinage and currency within the United States, reflecting an awareness of contemporary financial practices and their impact on citizens. Discussions surrounding the bill will likely include its relationship to broader economic strategies and practices, particularly as they relate to the Federal Reserve's policy on currency usage and monetary stability.

Companion Bills

US HB440

Related Cancel the Coin Act This bill prohibits the Department of the Treasury from minting or issuing any coin, including platinum bullion coins and proof platinum coins, having a nominal or face value exceeding $200.

Previously Filed As

US HB25

FairTax Act of 2023 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2027. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

US HB135

No Pay Raise for Congress Act This bill cancels the automatic adjustment to the pay of Members of Congress that is based on the employment cost index if the Congressional Budget Office determines that there was a federal budget deficit in the last fiscal year.

US HB111

Budget Process Enhancement Act This bill modifies the federal budget process to withhold the salaries of Members of Congress and cancel the salaries of certain employees of the Office of Management and Budget when certain budget process requirements are not met. The bill also changes the assumptions that the Congressional Budget Office uses to calculate its baseline for discretionary spending to eliminate certain adjustments for inflation and other factors. (A baseline is a projection of federal spending and receipts during a fiscal year under current law.)

US HB114

Fund and Complete the Border Wall Act This bill establishes funding for a U.S.-Mexico border barrier and revises how border patrol agents are compensated for overtime. The Department of the Treasury shall set up an account for funding the design, construction, and maintenance of the barrier. The funds in the account are appropriated only for that purpose and for vehicles and equipment for border patrol agents. For each fiscal year, financial assistance to a country shall be reduced by $2,000 for each citizen or national of that country apprehended for illegally entering the United States through its southern border. The reduced amount shall be transferred to the border barrier account. The Department of State may opt not to reduce amounts appropriated to Mexico for various military and law enforcement-related activities. This bill establishes a 5% fee on foreign remittance transfers and increases the fee for the arrival/departure I-94 form for various aliens entering the United States, with part of the fees to go into the border barrier account. By December 31, 2023, DHS shall (1) take all actions necessary, including constructing barriers, to prevent illegal crossings along the U.S.-Mexico barrier; and (2) achieve operational control over all U.S. international borders. The bill changes how border patrol agents receive overtime pay when working up to 100 hours in a two-week period. For hours worked above 80, an agent shall receive at least 150% of the agent's regular hourly rate.

US HB209

Permitting for Mining Needs Act of 2023 This bill expedites the review of mining projects on federal lands and limits judicial review of mining projects. For example, the bill expands the federal permitting and review processes under the Infrastructure Investment and Jobs Act for critical minerals. Under the act, the Bureau of Land Management (BLM) and the U.S. Forest Service, to the maximum extent practicable, must complete the federal permitting and review processes related to critical mineral mines on federal lands with maximum efficiency and effectiveness. This bill expands this process to include all minerals as defined by the bill, not only critical minerals. The bill also establishes deadlines for completing the review of mining projects under the National Environmental Policy Act of 1969. In addition, the bill also expands the meaning of covered projects under the Fixing America's Surface Transportation (FAST) Act to include (1) certain mineral production projects, and (2) certain actions taken by the Department of Defense. Such projects qualify for expedited environmental review. It also establishes requirements to expedite the review or authorization of certain mineral projects, such as (1) mineral exploration activities with a surface disturbance of no more than five acres of public lands, (2) ancillary mining activities, and (3) uranium projects. Finally, the bill limits judicial review of a permit, license, or approval issued by a lead agency for a mining project by requiring the filing of claims within a certain time period.

US HB215

Working to Advance Tangible and Effective Reforms for California Act or the WATER for California Act This bill addresses the operation of the Central Valley Project (CVP), a federal water project in California owned and operated by the Bureau of Reclamation, and the California State Water Project (SWP), which is operated jointly with the CVP. Specifically, the bill requires that Reclamation operate the CVP and SWP pursuant to a specified alternative to a proposed action in a final environmental impact statement and 2019 agency published Biological Opinions (BiOps). The bill also requires Reclamation and the Department of Commerce to submit a justification to Congress that meets certain requirements prior to requesting or completing a reinitiation of consultation that will result in new BiOps. This bill also requires Reclamation to allocate water to existing agricultural water service contractors within the CVP's Sacramento River Watershed based on the water year type (e.g., dry, wet). These allocations must not affect the United States' ability or obligations to deliver water under other designated contracts. Further, the bill repeals certain eligibility requirements for water infrastructure construction funding under the Infrastructure Investment and Jobs Act to make the Shasta Dam and Reservoir Enlargement Project in California eligible for funding. The bill also requires that Reclamation funds made available but not used for this project in previous appropriations years be made available to the project. Finally, the bill reauthorizes Reclamation's support for the construction or expansion of water storage projects.

US HB24

Federal Reserve Transparency Act of 2023 This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO). Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.

US HB31

Cover Outstanding Vulnerable Expansion-eligible Residents Now Act or the COVER Now Act This bill establishes a demonstration program to allow local governments to provide health benefits to the Medicaid expansion population in states that have not expanded Medicaid. Under the program, local governments may provide coverage for individuals who are newly eligible for Medicaid under the Patient Protection and Affordable Care Act (i.e., the Medicaid expansion population) for a maximum of 10 years, or until their respective states expand Medicaid. The bill provides a 100% federal matching rate for the first three years of program participation. The bill prohibits states from taking certain actions against participating localities, such as withholding funding, increasing taxes, or restricting provider participation. States that violate these requirements are subject to certain funding penalties.

US HB52

Kimberly Vaughan Firearm Safe Storage Act This bill directs the Department of Justice (DOJ) to establish voluntary best practices for safe firearm storage solely for the purpose of public education. DOJ must give at least 90 days public notice and afford an opportunity for a hearing before establishing such best practices. The bill authorizes DOJ to award grants for the development, implementation, and evaluation of Safe Firearm Storage Assistance Programs. The bill also provides for a new tax credit through 2030 for 10% of amounts received from the retail sale of a safe firearm storage device for use in the United States.

US HB154

Securing our Elections Act of 2023 This bill establishes certain photo identification requirements for voting in federal elections. Specifically, the bill prohibits a state or local election official from providing a ballot for a federal election to an individual who does not present valid photo identification. Next, the bill outlines the availability of provisional ballots and the requirements for counting those ballots. In particular, an individual who does not present a valid photo identification must be permitted to cast a provisional ballot. However, an election official may not determine that the individual is eligible under state law to vote in the election unless, not later than three days after casting the provisional ballot, the individual presents (1) the identification required, or (2) an affidavit attesting that the individual does not possess the identification because of a religious objection to being photographed. An election official may not allow for voting methods other than in-person voting unless the individual submits the ballot with (1) a copy of their photo identification, or (2) the last four digits of their Social Security number with an affidavit attesting that the individual is unable to obtain a copy of a valid photo identification after making reasonable efforts to obtain a copy. This prohibition shall not apply to overseas military voters. The bill also requires an election official to provide an individual with a valid photo identification without charge if that individual presents an affidavit attesting to an inability to afford or otherwise obtain a valid photo identification.

Similar Bills

No similar bills found.