WASHINGTON — Congressman Luis Gutierrez (D-N.Y.), chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and Financial Services Committee Chairman Barney Frank (D-Mass.) have introduced legislation to look at making minting of coins less expensive.
The Coinage Materials Modernization Act of 2007 (H.R. 3330) would authorize the Secretary of the Treasury to change the composition of coins issued by the U.S. Mint to less expensive materials. The Treasury Department estimates that changing the composition of pennies and nickels will save the government over $100 million a year. By making similar changes to the half dollar, quarter and dime, the government can save as much as $400 million annually.
"The financial resources of the Federal Government are limited, and it is rare when we have the opportunity to make a simple legislative fix with the potential to save the taxpayers so much," Gutierrez said.
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