March 13, 2021

Senators Hassan, Ernst Introduce Bipartisan Legislation to Save Taxpayer Dollars by Modifying Composition of Currency

WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) reintroduced bipartisan legislation to allow the U.S. Mint to adjust the metal content of circulating coins to save taxpayer dollars. The U.S. Mint estimates that by adjusting the metal content of circulating coins, the federal government could save between $10-17 million a year.

 

“Our commonsense, bipartisan legislation could help save millions of hard-earned taxpayer dollars by slightly adjusting the composition of coin metals,” Senator Hassan said. “I am pleased to join Senator Ernst and our House colleagues in introducing this bipartisan legislation, and I will continue working across the aisle to reduce waste, fraud, and abuse in the federal government.”  

 

“Right now, it costs hardworking taxpayers seven cents to make one nickel. That makes no ‘cents.’ Congress can easily fix this. This straightforward, bipartisan bill will give the government the flexibility to use cheaper materials to produce certain coins, without changing the functionality of them—so that Iowa taxpayers aren’t getting nickeled-and-dimed by the ever-increasing costs to make coins,” said Senator Ernst.

 

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.

 

As chair for the subcommittee that oversees federal spending, 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 that examines duplication, overlap, and fragmentation in the federal government. Additionally, the government funding bill that was passed into law last year included the bipartisan Stopping Improper Payments to Deceased People Act, which Senator Hassan cosponsored, to curb federal improper payments to the deceased and save taxpayer dollars. Furthermore, in 2019, President Trump signed into law bipartisan legislation introduced by Senators Hassan and Bill Cassidy (R-LA) to close a loophole in the Medicaid rebate program that results in big pharmaceutical companies overcharging taxpayers. The bipartisan legislation will save taxpayers approximately $3.1 billion over the next 10 years.

                                       

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