CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 April 26, 2005 What They Found Was That to Be Competitive Mr

Home , Lincoln cent, Sacagawea dollar, Victor David Brenner

7794 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 April 26, 2005 What they found was that to be competitive Mr. TOM DAVIS of Virginia. Mr. its position as not only a necessary means of ex- in the world they needed to excel in tech- Speaker, I yield back the balance of change in commerce but also as an object of aes- nology and engineering, which is where we in my time. thetic beauty in its own right, it is appropriate the United States find ourselves to be lacking The SPEAKER pro tempore (Mr. to move many of the mottos and emblems, the inscription of the year, and the so-called ‘‘mint today. We need to follow the example of our BOOZMAN). The question is on the mo- marks’’ that currently appear on the 2 faces of Indian friends and the example we set in the tion offered by the gentleman from each circulating coin to the edge of the coin, 1960’s and create a national strategy to make Virginia (Mr. TOM DAVIS) that the which would allow larger and more dramatic the way we teach our children in the United House suspend the rules and agree to artwork on the coins reminiscent of the so-called States more focused on the math and the resolution, H. Res. 227. ‘‘Golden Age of Coinage’’ in the United States, sciences so we are not left behind. The question was taken; and (two- at the beginning of the Twentieth Century, ini- Instead of fearing India as an economic thirds having voted in favor thereof) tiated by President Theodore Roosevelt, with the competitor, we should be embracing India as the rules were suspended and the reso- assistance of noted sculptors and medallic art- an economic and political ally. The over 1 bil- lution was agreed to. ists James Earle Fraser and Augustus Saint- Gaudens. lion consumers in India and the market for A motion to reconsider was laid on (11) Placing inscriptions on the edge of coins, U.S. goods and services in India allows for un- the table. known as edge-incusing, is a hallmark of mod- precedented opportunities for American com- f ern coinage and is common in large-volume pro- panies, and job growth for Americans. duction of coinage elsewhere in the world, such I want to thank Mr. DAVIS for introducing this PRESIDENTIAL $1 COIN ACT OF as the 2,700,000,000 2-Euro coins in circulation, resolution and urge all my colleagues to sup- 2005 but it has not been done on a large scale in port it. Mr. CASTLE. Mr. Speaker, I move to United States coinage in recent years. Mr. MORAN of Virginia. Mr. Speaker, I am suspend the rules and pass the bill (12) Although the Congress has authorized the pleased to be a co-sponsor of H. Res. 227 to (H.R. 902) to improve circulation of the Secretary of the Treasury to issue gold coins honor all that Indian Americans have contrib- $1 coin, create a new bullion coin, and with a purity of 99.99 percent, the Secretary has not done so. uted to our country. Specifically, I would like to for other purposes, as amended. (13) Bullion coins are a valuable tool for the commend the graduates of the Indian Insti- The Clerk read as follows: investor and, in some cases, an important aspect tutes of Technology (IIT) for their economic in- H.R. 902 of coin collecting. novations and technological expertise. Be it enacted by the Senate and House of Rep- SEC. 102. PRESIDENTIAL $1 COIN PROGRAM. After India gained its independence and resentatives of the United States of America in Section 5112 of title 31, United States Code, is began its new life as a democratic nation, a Congress assembled, amended by inserting after subsection (m) the committee was formed to create institutes of SECTION 1. SHORT TITLE. following new subsection: higher education that would focus on tech- This Act may be cited as the ‘‘Presidential $1 ‘‘(n) REDESIGN AND ISSUANCE OF CIRCULATING nology to fuel the post-war industrial develop- Coin Act of 2005’’. $1 COINS HONORING EACH OF THE PRESIDENTS OF ment of India. After looking at the committee TITLE I—PRESIDENTIAL $1 COINS THE UNITED STATES.— ‘‘(1) REDESIGN BEGINNING IN 2007.— recommendations, the first Indian Institute of SEC. 101. FINDINGS. ‘‘(A) IN GENERAL.—Notwithstanding sub- Technology was created in May 1950. The The Congress finds as follows: section (d) and in accordance with the provi- campus was placed at the site of the Hijli De- (1) There are sectors of the United States economy, including public transportation, park- sions of this subsection, $1 coins issued during tention camp, which used to house young In- the period beginning January 1, 2007, and end- dian freedom fighters during the independence ing meters, vending machines and low-dollar value transactions, in which the use of a $1 coin ing upon the termination of the program under movement. is both useful and desirable for keeping costs paragraph (6) shall have designs on the obverse Since that time 6 more campuses have and prices down. selected in accordance with paragraph (2)(B) been formed throughout India. IIT offers un- (2) For a variety of reasons, the new $1 coin which are emblematic of the Presidents of the dergraduate and postgraduate degrees in introduced in 2000 has not been widely sought- United States and a design on the reverse se- more than 25 engineering, science, technology after by the public, leading to higher costs for lected in accordance with paragraph (2)(A). and management disciplines. Students are ad- merchants and thus higher prices for consumers. ‘‘(B) CONTINUITY PROVISION.—Notwith- standing subparagraph (A), the Secretary shall mitted after taking a national entrance exam (3) The success of the 50 States Commemora- tive Coin Program for circulating quarter dollars continue to mint and issue $1 coins which bear and the student body is a diverse mixture of the design on $1 coins being minted and issued socio-economic backgrounds, cultures, lan- shows that a design on a United States circulating coin that is regularly changed in a man- before the issuance of coins as required under guages, and religions. ner similar to the systematic change in designs this subsection. After graduating from IIT, alumni are able to in such Program radically increases demand for ‘‘(2) DESIGN REQUIREMENTS.—The $1 coins take the knowledge they gained and excel in the coin, rapidly pulling it through the econ- issued in accordance with paragraph (1)(A) technology and engineering sectors. Grad- omy. shall meet the following design requirements: uates are currently serving in senior positions (4) The 50 States Commemorative Coin Pro- ‘‘(A) COIN REVERSE.—The design on the re- at Citigroup and Sun Microsystems, among gram also has been an educational tool, teach- verse shall bear— other established and Fortune 500 companies. ing both Americans and visitors something ‘‘(i) a likeness of the Statue of Liberty extend- ing to the rim of the coin and large enough to They are also serving as Deans and Profes- about each State for which a quarter has been issued. provide a dramatic representation of Liberty sors at the best universities in the United (5) A national survey and study by the Gov- while not being large enough to create the im- States, including Harvard, MIT and Carnegie ernment Accountability Office has indicated pression of a ‘2-headed’ coin; Mellon. that many Americans who do not seek, or who ‘‘(ii) the inscription ‘$1’ ; and The United States economy has felt the im- reject, the new $1 coin for use in commerce ‘‘(iii) the inscription ‘United States of Amer- pact of IIT graduates. Over 25 percent of would actively seek the coin if an attractive, ica’. graduates since 1990 have been entre- educational rotating design were to be struck on ‘‘(B) COIN OBVERSE.—The design on the ob- preneurs and have started numerous compa- the coin. verse shall contain the name and likeness of a nies that have fueled job creation in their com- (6) The President is the leader of our tripartite President of the United States and basic information about the President, including the dates munities. IIT alumni are also performing cut- government and the President’s spouse has often set the social tone for the White House or years of the term of office of such President ting edge research that is needed by U.S. while spearheading and highlighting important and a number indicating the order of the period companies, and a great number have received issues for the country. of service in which the President served. patents for their innovations. (7) Sacagawea, as currently represented on ‘‘(C) EDGE-INCUSED INSCRIPTIONS.— The effect of Indian Institute of Technology the new $1 coin, is an important symbol of ‘‘(i) IN GENERAL.—The inscription of the year graduates is felt here in the United States and American history. of minting or issuance of the coin and the in- throughout the world. It is important that all (8) Many people cannot name all of the Presi- scriptions ‘E Pluribus Unum’ and ‘In God We Americans recognize the great impact Indian dents, and fewer can name the spouses, nor can Trust’ shall be edge-incused into the coin. ‘‘(ii) PRESERVATION OF DISTINCTIVE EDGE.— Americans and IIT graduates have had on our many people accurately place each President in the proper time period of American history. The edge-incusing of the inscriptions under society and economy. Without their knowl- (9) First Spouses have not generally been rec- clause (i) on coins issued under this subsection edge, skill, and drive to achieve, our economy ognized on American coinage. shall be done in a manner that preserves the dis- would not have as many technological innova- (10) In order to revitalize the design of United tinctive edge of the coin so that the denomina- tions which enrich our daily lives. States coinage and return circulating coinage to tion of the coin is readily discernible, including

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00020 Fmt 0688 Sfmt 6333 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD April 26, 2005 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 7795

by individuals who are blind or visually im- ‘‘(ii) an inscription of the years during which ‘‘(6) QUALITY OF COINS.—The bullion coins paired. such person was the spouse of a President dur- shall be issued in both proof and uncirculated ‘‘(D) INSCRIPTIONS OF ‘LIBERTY’.—Notwith- ing the President’s period of service; and qualities. standing the 2d sentence of subsection (d)(1), be- ‘‘(iii) the number indicating the order of the ‘‘(7) SOURCE OF GOLD BULLION.—The Sec- cause the use of a design bearing the likeness of period of service in which such President served. retary shall acquire gold for the coins issued the Statue of Liberty on the reverse of the coins ‘‘(B) COIN REVERSE.—The design on the re- under this subsection by purchase of gold mined issued under this subsection adequately conveys verse of each coin issued under this subsection from natural deposits in the United States, or in the concept of Liberty, the inscription of ‘Lib- shall bear— a territory or possession of the United States, erty’ shall not appear on the coins. ‘‘(i) images emblematic of the life and work of within 1 year after the month in which the ore ‘‘(E) PROHIBITION ON SITTING PRESIDENT IN SE- the First Spouse whose image is borne on the ob- from which it is derived was mined. The Sec- RIES.—No coin issued under this subsection may verse; and retary shall pay not more than the average bear the image of a President who, at the time ‘‘(ii) the inscription ‘United States of Amer- world price for the gold. of issuance, is currently serving as President. ica’. ‘‘(8) BRONZE MEDALS.—The Secretary may ‘‘(3) ISSUANCE OF COINS COMMEMORATING ‘‘(C) DESIGNATED DENOMINATION.—Each coin strike and sell bronze medals that bear the like- PRESIDENTS.— issued under this subsection shall bear, on the ness of the bullion coins authorized under this ‘‘(A) ORDER OF ISSUANCE.—The coins issued reverse, an inscription of the nominal denomi- subsection, at a price, size, and weight, and under this subsection commemorating Presidents nation of the coin which shall be ‘$10’. with such inscriptions, as the Secretary deter- of the United States shall be issued in the order ‘‘(D) DESIGN IN CASE OF NO FIRST SPOUSE.—In mines to be appropriate.’’. of the period of service of each President, begin- the case of any President who served without a SEC. 104. SENSE OF THE CONGRESS. ning with President George Washington. spouse— It is the sense of the Congress that— ‘‘(B) TREATMENT OF PERIOD OF SERVICE.— ‘‘(i) the image on the obverse of the bullion (1) the enactment of this Act will serve to in- ‘‘(i) IN GENERAL.—Subject to clause (ii), only 1 coin corresponding to the $1 coin relating to crease the use of $1 coins generally, which will coin design shall be issued for a period of service such President shall be an image emblematic of increase the circulation of the so-called for any President, no matter how many con- the concept of ‘Liberty’— ‘‘Sacagawea-design’’ $1 coins that have been secutive terms of office the President served. ‘‘(I) as represented on a United States coin and will continue to be minted and issued; ONCONSECUTIVE TERMS.—If a President ‘‘(ii) N issued during the period of service of such Presi- (2) the continued minting and issuance of the has served during 2 or more nonconsecutive pe- dent; or so-called ‘‘Sacagawea-design’’ $1 coins will riods of service, a coin shall be issued under this ‘‘(II) as represented, in the case of President serve as a lasting tribute to the role of women subsection for each such nonconsecutive period Chester Alan Arthur, by a design incorporating and Native Americans in the history of the of service. the name and likeness of Alice Paul, a leading United States; ‘‘(4) ISSUANCE OF COINS COMMEMORATING 4 strategist in the suffrage movement, who was in- (3) while the American tradition of not issuing PRESIDENTS DURING EACH YEAR OF THE PERIOD.— strumental in gaining women the right to vote a coin with the image of a living person has ‘‘(A) IN GENERAL.—The designs for the $1 upon the adoption of the 19th amendment and served the country well and deserves to be con- coins issued during each year of the period re- thus participate in the election of future Presi- tinued as a general practice, in a series of coins ferred to in paragraph (1) shall be emblematic of dents, and who was born on January 11, 1885, commemorating former Presidents, all former 4 Presidents until each President has been so during the term of President Arthur; and Presidents should be so honored notwith- honored, subject to paragraph (2)(E). ‘‘(ii) the reverse of such bullion coin shall be ‘‘(B) NUMBER OF 4 CIRCULATING COIN DESIGNS standing such tradition; of a design representative of themes of such (4) the full circulation potential and cost-sav- IN EACH YEAR.—The Secretary shall prescribe, President, except that in the case of the bullion ings benefit projections for the $1 coins are not on the basis of such factors as the Secretary de- coin referred to in clause (i)(II) the reverse of likely to be achieved unless the coins are deliv- termines to be appropriate, the number of $1 such coin shall be representative of the suffrage ered in ways useful to ordinary commerce; coins that shall be issued with each of the de- movement. (5) in order for the circulation of $1 coins to signs selected for each year of the period re- ‘‘(E) DESIGN AND COIN FOR EACH SPOUSE.—A achieve maximum potential— ferred to in paragraph (1). separate coin shall be designed and issued under (A) the coins should be as attractive as pos- ‘‘(5) ISSUANCE OF NUMISMATIC COINS.—The this section for each person who was the spouse sible; and Secretary may mint and issue such number of $1 of a President during any portion of a term of (B) the Director of the United States Mint coins of each design selected under this sub- office of such President. should take all reasonable steps to ensure that section in uncirculated and proof qualities as ‘‘(F) INSCRIPTIONS.—Each bullion coin issued all $1 coins minted and issued remain tarnish- the Secretary determines to be appropriate. under this subsection shall bear the inscription free for as long as possible without incurring ‘‘(6) TERMINATION OF PROGRAM.—The of the year of minting or issuance of the coin undue expense; issuance of coins under this subsection shall ter- and such other inscriptions as the Secretary (6) if the Secretary of the Treasury determines minate when each President has been so hon- may determine to be appropriate. to include on any $1 coin minted under section ored, subject to paragraph (2)(E), and may not ‘‘(4) SALE OF BULLION COINS.—Each bullion 5112(n) of title 31, United States Code (as added be resumed except by an Act of Congress. coin issued under this subsection shall be sold by section 102 of this Act) a mark denoting the ‘‘(7) REVERSION TO PRECEDING DESIGN.—Upon for an amount the Secretary of the Treasury de- United States Mint facility at which the coin the termination of the issuance of coins under termines to be appropriate that is equal to or was struck, such mark should be edge-incused; this subsection, the design of all $1 coins shall greater than the sum of— (7) at such time as the Secretary of Treasury revert to the the so-called ‘Sacagawea-design’ $1 ‘‘(A) the face value of the coins; and determines to be appropriate, and after con- coins.’’. ‘‘(B) the cost of designing and issuing the sultation with the Board of Governors of the SEC. 103. FIRST SPOUSE BULLION COIN PRO- coins (including labor, materials, dies, use of Federal Reserve System and the submission of GRAM. machinery, overhead expenses, marketing, and notice to the Congress, the Secretary should de- Section 5112 of title 31, United States Code, is shipping). clare to be obsolete any circulating $1 coin that amended by inserting after subsection (n) (as ‘‘(5) ISSUANCE OF COINS COMMEMORATING bears the design of the $1 coins being issued im- added by the preceding section of this title) the FIRST SPOUSES.— mediately before the issuance of coins with the following new subsection: ‘‘(A) IN GENERAL.—The bullion coins issued design referred to in section 5112(n)(7) of title 31, ‘‘(o) FIRST SPOUSE BULLION COIN PROGRAM.— under this subsection with respect to any spouse ‘‘(1) IN GENERAL.—During the same period in United States Code; of a President shall be issued on the same sched- which the $1 coins are issued under subsection (8) in connection with the introduction of the ule as the $1 coin issued under subsection (n) (n) which are emblematic of the Presidents of $1 coins under the Presidential $1 Coin Pro- with respect to such President. the United States, the Secretary of the Treasury gram— ‘‘(B) MAXIMUM NUMBER OF BULLION COINS (A) the coins should not be introduced with shall issue bullion coins under this subsection FOR EACH DESIGN.—The Secretary shall— an overly expensive taxpayer-funded public re- that are emblematic of the spouse of each such ‘‘(i) prescribe, on the basis of such factors as lations campaign; and President. the Secretary determines to be appropriate, the (B) the Director of the United States Mint, a ‘‘(2) SPECIFICATIONS.—The coins issued under maximum number of bullion coins that shall be bureau in the Department of the Treasury, this subsection shall— ‘‘(A) have the same diameter as the $1 coins issued with each of the designs selected under should work with consumer groups, media out- described in subsection (n); this subsection; and lets, and schools to ensure an adequate amount ‘‘(B) weigh 0.5 ounce; and ‘‘(ii) announce, before the issuance of the bul- of news coverage about the start of the coin pro- ‘‘(C) contain 99.99 percent pure gold. lion coins of each such design, the maximum gram so consumers will know of the availability ‘‘(3) DESIGN REQUIREMENTS.— number of bullion coins of that design that will of the coins; ‘‘(A) COIN OBVERSE.—The design on the ob- be issued. (9) the Board of Governors of the Federal Re- verse of each coin issued under this subsection ‘‘(C) TERMINATION OF PROGRAM.—No bullion serve System and the Secretary of the Treasury shall contain— coin may be issued under this subsection after should take steps to ensure that an adequate ‘‘(i) the name and likeness of a person who the termination, in accordance with subsection supply of $1 coins are available for commerce was a spouse of a President during the Presi- (n)(6), of the $1 coin program established under and collectors at such places and in such quan- dent’s period of service; subsection (n). tities as are appropriate by—

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00021 Fmt 0688 Sfmt 6333 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD 7796 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 April 26, 2005

(A) meeting, from time to time but no less fre- coln’s birth, making the obverse design the most woman from New York (Mrs. MALONEY) quently than quarterly, with a coin users group enduring on the nation’s coinage. each will control 20 minutes. that includes representatives of merchants who (10) President Theodore Roosevelt was so im- The Chair recognizes the gentleman would benefit from the increased usage of $1 pressed by the talent of Victor David Brenner from Delaware (Mr. CASTLE). coins, vending machine and other coin acceptor that the sculptor was chosen to design the like- manufacturers, vending machine owners and ness of President Lincoln for the coin, adapting GENERAL LEAVE operators, transit officials, municipal parking a design from a plaque Brenner had prepared Mr. CASTLE. Mr. Speaker, I ask officials, depository institutions, coin and cur- earlier. unanimous consent that all Members rency handlers, armored-car operators, car (11) In the nearly 100 years of production of may have 5 legislative days within wash operators, and coin collectors and dealers the ‘‘Lincoln cent’’, there have been only 2 de- which to revise and extend their re- to accurately gauge demand for coins and to an- signs on the reverse: the original, featuring 2 marks on this legislation and to in- ticipate and eliminate obstacles to the easy and wheat-heads in memorial style enclosing mot- clude extraneous material thereon. efficient distribution and circulation of $1 coins toes, and the current representation of the Lin- The SPEAKER pro tempore. Is there as well as all other circulating coins; coln Memorial in Washington, D.C. (B) submitting a semiannual report to the (12) On the occasion of the bicentennial of objection to the request of the gen- Congress containing an assessment of the re- President Lincoln’s birth and the 100th anniver- tleman from Delaware? maining obstacles to the efficient and timely cir- sary of the production of the Lincoln cent, it is There was no objection. culation of coins, and particularly $1 coins, to- entirely fitting to issue a series of 1-cent coins Mr. CASTLE. Mr. Speaker, I yield gether with such recommendations for legisla- with designs on the reverse that are emblematic myself such time as I may consume. tive action the Board and the Secretary may de- of the 4 major periods of President Lincoln’s I am pleased that the House will con- termine to be appropriate; life. sider today the Presidential $1 Coin (C) consulting with industry representatives SEC. 202. REDESIGN OF LINCOLN CENT FOR 2009. Act of 2005 I authored with the gentle- to encourage operators of vending machines and (a) IN GENERAL.—During the year 2009, the woman from New York (Mrs. other automated coin-accepting devices in the Secretary of the Treasury shall issue 1-cent United States to accept coins issued under the MALONEY). This legislation honors each coins in accordance with the following design U.S. President by placing him on the Presidential $1 Coin Program and the so-called specifications: ‘‘Sacagawea-design’’ $1 coins, and to include (1) OBVERSE.—The obverse of the 1-cent coin obverse side of the $1 coin on a rotating notices on the machines and devices of such ac- shall continue to bear the Victor David Brenner basis. By doing so it aims to improve ceptability; likeness of President Abraham Lincoln. circulation of the $1 coin, which will (D) ensuring that during an introductory pe- (2) REVERSE.—The reverse of the coins shall lower costs to businesses and thus re- riod, all institutions that want unmixed supplies bear 4 different designs each representing a dif- of each newly-issued design of $1 coins are able strain price increases. I believe this ferent aspect of the life of Abraham Lincoln, program is a great opportunity for edu- to obtain such unmixed supplies; and such as— (E) consulting with representatives of deposi- cating both children and adults about (A) his birth and early childhood in Ken- tory institutions and armored-car operators to the history of our country. In addition, tucky; support the availability of $1 coins in packaging (B) his formative years in Indiana; although it is not the goal of the proof sizes and types appropriate for and useful to (C) his professional life in Illinois; and gram, these new coins will likely gen- ordinary commerce, including rolled coins; and (D) his presidency, in Washington, D.C. erate as much as $5 billion for the gov- (10) the Director of the United States Mint (b) ISSUANCE OF REDESIGNED LINCOLN CENTS should take all steps necessary to expand the ernment. IN 2009.— marketplace for bullion coins, and reduce bar- Concurrently with this program, the (1) ORDER.—The 1-cent coins to which this riers to the sale of bullion coins, by ensuring current Sacagawea coin will also be section applies shall be issued with 1 of the 4 de- that— minted. I am pleased that we were able (A) the greatest number possible of reputable, signs referred to in subsection (a)(2) beginning to work with the gentleman from reliable, and responsible dealers are qualified to at the start of each calendar quarter of 2009. (2) NUMBER.—The Secretary shall prescribe, North Dakota (Mr. POMEROY) to ad- offer for sale all bullion coins struck and issued dress his concerns and continue the by the United States Mint; and on the basis of such factors as the Secretary de- (B) all such dealers and their customers have termines to be appropriate, the number of 1-cent Sacagawea program, which will now equal and timely access to all new issues of such coins that shall be issued with each of the de- hopefully be stronger than ever. bullion coins. signs selected for each calendar quarter of 2009. In many ways this legislation is mod- (c) DESIGN SELECTION.—The designs for the TITLE II—ABRAHAM LINCOLN eled after the successful ‘‘50 State coins specified in this section shall be chosen by BICENTENNIAL 1-CENT COIN REDESIGN Quarter Program.’’ The 50 State Quar- the Secretary— ter Program, which I was also proud to SEC. 201. FINDINGS. (1) after consultation with the Abraham Lin- The Congress finds as follows: coln Bicentennial Commission and the Commis- have authored, issues five quarters a (1) Abraham Lincoln, the 16th President, was sion of Fine Arts; and year bearing images connected with one of the Nation’s greatest leaders, dem- (2) after review by the Citizens Coinage Advi- one of the States, so that over a decade onstrating true courage during the Civil War, sory Committee. each State will have been honored. Be- one of the greatest crises in the Nation’s history. (2) Born of humble roots in Hardin County SEC. 203. REDESIGN OF REVERSE OF 1-CENT fore the State quarter program started, COINS AFTER 2009. (present-day LaRue County), Kentucky, on the U.S. Mint was making about 400 The design on the reverse of the 1-cent coins February 12, 1809, Abraham Lincoln rose to the million quarters a year, but in the first issued after December 31, 2009, shall bear an Presidency through a combination of honesty, year of the 50 State Quarter Program it image emblematic of President Lincoln’s preser- integrity, intelligence, and commitment to the vation of the United States of America as a sin- minted approximately 1.2 billion quar- United States. gle and united country. ters. The Mint estimates that one per- (3) With the belief that all men are created son in each household is collecting the equal, Abraham Lincoln led the effort to free all SEC. 204. NUMISMATIC PENNIES WITH THE SAME slaves in the United States. METALLIC CONTENT AS THE 1909 quarters and they are collecting a full (4) Abraham Lincoln had a generous heart, PENNY. set, not just their own State. Accord- with malice toward none and with charity for The Secretary of the Treasury shall issue 1- ing to the most recent numbers from all. cent coins in 2009 with the exact metallic con- the Mint, nearly $5 billion worth of (5) Abraham Lincoln gave the ultimate sac- tent as the 1-cent coin contained in 1909 in such savings have been created for the Fed- rifice for the country he loved, dying from an number as the Secretary determines to be appropriate for numismatic purposes eral Government. assassin’s bullet on April 15, 1865. It is important to note that this pro- (6) All Americans could benefit from studying SEC. 205. SENSE OF THE CONGRESS. gram is likely to be more accepted by the life of Abraham Lincoln, for Lincoln’s life is It is the sense of the Congress that the origi- a model for accomplishing the ‘‘American nal Victor David Brenner design for the 1-cent the public than previous dollar coin dream’’ through honesty, integrity, loyalty, and coin was a dramatic departure from previous programs. In a 2002 General Accounting a lifetime of education. American coinage that should be reproduced, Office report to Congress, 25 percent of (7) The year 2009 will be the bicentennial an- using the original form and relief of the likeness respondents stated that they would use niversary of the birth of Abraham Lincoln. of Abraham Lincoln, on the 1-cent coins issued the dollar coin for more purchases if (8) Abraham Lincoln was born in Kentucky, in 2009. grew to adulthood in Indiana, achieved fame in there was a rotating design similar to Illinois, and led the nation in Washington, D.C. The SPEAKER pro tempore. Pursu- the 50 State Quarter Program. Addi- (9) The so-called ‘‘Lincoln cent’’ was intro- ant to the rule, the gentleman from tionally, nearly 50 percent of respond- duced in 1909 on the 100th anniversary of Lin- Delaware (Mr. CASTLE) and the gentle- ents stated they would collect the new

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00022 Fmt 0688 Sfmt 0634 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD April 26, 2005 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 7797 coin if it featured a changing design. b 1545 In a similar vein, the bill also pro- And 69 percent of respondents favored During President Chester Arthur’s vides for commemorative coins hon- U.S. Presidents as the choice for the term, the image of Liberty would be oring each first lady to be issued dur- new rotating design on the dollar coin. represented by Alice Paul, a leading ing the period that their husbands were Under the program, the images on figure in the women’s suffrage move- President. These will be issued both as the front and back of the coin tempo- ment, who was born during Arthur’s gold bullion collectors’ items and also rarily would be replaced beginning in term. Other Presidents, such as Presi- in a bronze version, making them more 2007 with images of the United States dent Wilson, have had more than one accessible to school children and the Presidents. Four Presidents a year spouse while in office due to the death public. would be honored, in the order of their of a spouse and subsequent remarriage I am particularly pleased that the service, with a likeness of the Presi- while still in office. bill provides for a coin to be issued in dent, his name and dates of service, Finally, this legislation includes H.R. honor of the noted suffragette Alice and a number signifying the order in 767 as a second title. This legislation, Paul at the same time as the coin com- which he served, on the front of the introduced by the gentleman from Illi- memorating President Chester Arthur, coin. The image on the reverse would nois (Mr. LAHOOD) and the gentleman who served without a spouse. As a New be that of the Statue of Liberty, large from Illinois (Mr. JACKSON) and cospon- Yorker, I am particularly pleased that enough to be dramatic but not so large sored by the entire Illinois delegation, Lady Liberty, the international symbol as to create a so-called ‘‘two-headed’’ will redesign the Lincoln penny in 2009 of the United States, will be on the coin. The date, Mint mark, and other in celebration of the 200th anniversary back of the coin. important mottos on the coin would be of President Lincoln’s birth. The rede- The General Accounting Office has on the edge of the coin, leaving room sign will feature four designs, each rep- estimated that general use of dollar on the faces for more dramatic art- resenting a different aspect of his life: coins could save the government as work. first, his birth and early childhood in much as $500 million per year because Working through concerns, the gen- Kentucky; second, his formative years they last longer than the dollar bill. tlewoman from New York (Mrs. KELLY) in Indiana; third, his professional life Boosting usage of the dollar coin in ev- and the gentleman from Ohio (Mr. NEY) in Illinois; and, finally, his Presidency eryday commerce also helps small raised last year, there is language that in Washington, DC. businesses and provides consumers was drafted in consultation with the Mr. Speaker, I would like to thank with faster and better service. National Federation of the Blind to en- the gentlewoman from New York (Mrs. At the halfway point of issuance, the sure seeing-impaired individuals would MALONEY) for her work on this legisla- 50–State Quarter program had made be able to distinguish the dollar coin tion, indeed there was a great deal of the government over $4 billion pri- from a quarter. work, as well as the gentleman from marily from collectors taking the coins The educational aspects of this pro- Ohio (Chairman OXLEY) and the rank- out of circulation so that the Federal gram are obvious. We all know George ing member, the gentleman from Mas- Reserve then buys more from the Mint. Washington was the first President, sachusetts (Mr. FRANK), for their sup- We have similar expectations for the but how many can tell the exact dates port. effect of individuals collecting the dol- of his service to the country? How I urge my colleagues to support this lar coins. about the dates of service of the fa- fun and educational program. This bill earns money for the govern- mous Civil War General Ulysses S. Mr. Speaker, I reserve the balance of ment, benefits small businesses and my time. Grant, who later became President? consumers, educates all users of Amer- Mrs. MALONEY. Mr. Speaker, I yield And how many in this Chamber can myself such time as I may consume. ican currency about their Presidents name the only President who would Mr. Speaker, I rise in support of the and first ladies, and encourages wider end up with two coins in the series be- bill that the gentleman from Delaware use of the Sacagawea dollar coin. I cause he served twice, in terms sepa- (Mr. CASTLE) and I have offered that is would call that a bill that deserves our rated by another President’s term? a win-win for taxpayers and the econ- full support. This legislation also seeks to honor omy. I particularly want to thank the gen- the First Spouses by creating a nearly The Presidential Dollar Coin Act tleman from Delaware (Mr. CASTLE) for pure-gold investment-grade bullion builds on the remarkable success of the his work, not only on the quarter coin, coin, the same diameter as the dollar 50 State Quarter Act of the gentleman which has been a huge success for our coin, and half an ounce in weight, hon- from Delaware (Mr. CASTLE), which is school children and our Nation and oring the First Spouses who have done well into its 10-year run and has earned helped our economy, but his leadership so much for our country. The U.S. Mint praise from educators and coin collec- and constant work on this bill, along will also be able to make bronze medal tors and benefited the Treasury. My with the gentleman from Ohio (Chair- replicas of the First Spouse gold bul- daughters, like many young people man OXLEY) and the ranking member, lion coin. This will enable school chil- across America, enjoy collecting this the gentleman from Massachusetts dren and ordinary citizens an afford- popular coin. (Mr. FRANK). able option for collecting the First Like the State quarter bill, the Pres- I particularly thank Joe Pinder of Spouse series. These bronze medal rep- idential dollar coin will educate Ameri- the committee staff, who is really an licas will cost just a few dollars. cans about our Presidents and our first expert on coins and has put a great For the First Spouse coin, the ob- ladies while making money for the tax- deal of time and effort on this, along verse, as for the Presidential coins, payers. In addition, this bill will en- with Emily Pfeiffer from the staff of would be the likeness of the spouse, courage use of the Sacagawea dollar the gentleman from Delaware (Mr. terms of service, and the order in coin, which will continue to be issued CASTLE) and Eleni Constantin, my fi- which they served. On the reverse throughout the program and will be nancial services counsel. would be images emblematic of the the sole U.S. dollar coin after the pro- Mr. Speaker, I hope that this will spouse’s works. In the five instances to gram ends. Thanks to discussions with pass overwhelmingly and be circu- date in which Presidents had no the gentleman from North Dakota (Mr. lating soon. spouses while in office, the educational POMEROY), Indian tribal chiefs and Mr. Speaker, I yield such time as he part again, the bill calls for the image women’s groups, the provisions of the may consume to the gentleman from on the front of the coin to be that of an bill relating to the Sacagawea dollar North Dakota (Mr. POMEROY). image, that of ‘‘Liberty,’’ as used on a coin have been clarified and strength- Mr. POMEROY. Mr. Speaker, I thank U.S. coin circulating that President’s ened to assure that Sacagawea, the the gentlewoman for yielding me time, term, and the reverse of the coin to only woman on our currency at this and I am rising today in support of carry images related to the President’s present moment, will continue to be H.R. 902. I congratulate the gentleman term. honored on the dollar coin. from Delaware and the gentlewoman

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00023 Fmt 0688 Sfmt 0634 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD 7798 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 April 26, 2005

from New York (Mrs. MALONEY) for but of very real importance to me and come up with things I had not thought having worked long and hard on this the people I represent, you paid atten- of, usually which we had to overcome legislation. tion to our concerns, addressed them in some way or another. But his insti- In a Chamber where we find so much and came up with what I believe is an tutional knowledge of coinage in the to fight about, you might think that a acceptable compromise. Maybe we can United States, which may not be ex- dollar coin commemorating former take this example and export it to ceeded in this country, is of extraor- Presidents would be the ultimate no- other issues before us. dinary value to all of us as we deal brainer; but believe me, I had very deep I am deeply grateful to the gen- with legislation such as that. troubles with this legislation. You see, tleman from Delaware (Mr. CASTLE). So we are pleased to be here. We I represent the State of North Dakota, By golly, when the gentleman gets an think this is obviously very good legis- home of Sacagawea, as we say in idea, he just does not let it drop. I was lation for a whole variety of reasons, Hidatsa, Sacagawea as she is known in hoping the gentleman would wear out every bit, hopefully, as good as the the Shoshone language. This coin, the on this one; but, no, he kept pushing, quarter legislation turned out to be. Presidential coin, will come in addition and here we are today and we are going Mr. OXLEY. Mr. Speaker, I rise today in to the existing dollar coin which bears to pass it and are going to pass it with strong support of H.R. 902, the ‘‘Presidential the likeness of Sacagawea. my vote. $1 Coin Act of 2005,’’ that the gentleman from This occurs at a time when we are So I commend the gentleman from Delaware, Mr. CASTLE, has written. recognizing the 200th anniversary of Delaware (Mr. CASTLE), I commend the The dollar coin has the potential to save the Lewis and Clark Expedition and gentlewoman from New York (Mrs. consumers and business billions of dollars if it commemorating, in accordance with MALONEY), and I thank them once is available for the niche population that has that remembrance, the role Sacagawea again for the opportunity to work with need of it. However, for number of reasons had in this very important expedition. them on this legislation. the so-called ‘‘golden’’ dollar coin never has The State of North Dakota feels very Mrs. MALONEY. Mr. Speaker, I yield achieved the success it should have when it deeply about Sacagawea and about her myself such time as I may consume to was introduced in 2000. I think the Castle bill role in U.S. history. We commemorated thank the gentleman from North Da- addresses all of those, creating a demand for not long ago our second statue in Stat- kota (Mr. POMEROY) for his constant the coin rather than trying to force it into cir- uary Hall in Sacagawea’s likeness. We work on this bill and his support. We culation. I like the educational opportunities were concerned that the move to the are very grateful. I believe the gentle- the coin presents, and I particularly like that Presidential coin would somehow phase man’s input has made it a stronger bill. the bill would put the Statue of Liberty on the out the Sacagawea coin or relegate this Mr. Speaker, I yield back my time. reverse of the coin. Mr. CASTLE isn’t going to one coin to history and obscurity. We Mr. CASTLE. Mr. Speaker, I yield say this, but I will: In 1997, when Congress thought that was not the time to do it, myself such time as I may consume. approved the original Golden Dollar program, not in the bicentennial of the Lewis First, as a comment to the gen- the legislation left the House with more than and Clark Expedition, not this coin tleman from North Dakota (Mr. POM- 400 votes to put the Statue of Liberty on the that recognizes the contributions Na- EROY), he is tenacious, to say the least. coin. Somehow, before it got to the President, tive American people have made in our We have been going through this with that important symbol disappeared. Especially history, not the coin that recognizes the gentlewoman from New York (Mrs. after 9/11, I think all of us believe that having the role women have played in the his- MALONEY) for a year, or something of Lady Liberty on our currency will be terrific. tory of our country. that nature, addressing a variety of Mr. Speaker, H.R. 902, introduced by Mr. So with all of these concerns, I sat issues. CASTLE for himself and Mrs. MALONEY, seeks down and began my discussions with Obviously, none of us wanted to see to improve demand for and thus circulation of the gentleman from Delaware (Mr. the Sacagawea coin not come back or the current one-dollar coin, with the intent of CASTLE) and also many discussions fail or whatever. It will be continued, saving money for business and thus restrain- with my friend, the gentlewoman from and I think it is our mutual hope that ing price increases for consumers. New York (Mrs. MALONEY). this program will accelerate the usage The legislation directs the Secretary of the I am very pleased to say that this of these coins, and therefore it is going Treasury to redesign the new ‘‘golden’’ one- was one experience where rather than to be a coin when it does come back in dollar coin, beginning in 2007, issuing four dif- just being rebuffed with ‘‘forget about full-blown issuance after all the Presi- ferent designs a year. Each design would de- your concerns, we have got the votes so dential coins are gone that will be used pict the image and pertinent information about we are going to run this,’’ there was ac- a heck of a lot more than it is now. So a President of the United States, in order of tual, very sincere listening to our con- hopefully it is a win-win situation that service, on the front. The reverse of the coin cerns that Sacagawea continue in the we ended up with. would depict an image of the Statue of Liberty. coinage of our country. There were sin- I thank the gentleman. It was all Additionally, the legislation directs the cere efforts to address the issues that amiable, maybe a little frustrating at Treasury Secretary to begin issuing, concur- we were raising, and let me just cite a times, but all amiable. rently with the Presidential dollars, pure-gold couple of them: Mr. Speaker, I cannot thank my co- ‘‘bullion’’ coins honoring and depicting the First First, that the Presidential coins sponsor enough. She has also been te- Spouses. The bill also allows striking of an in- start at the conclusion of the bicenten- nacious in this, dealing with her side of expensive bronze copy of the Spouse coin so nial observation of the Lewis and Clark the aisle when there were complica- that schoolchildren could collect affordable Expedition. In addition, that any im- tions, smoothing those things over, President-and-First Spouse sets, and pro- provements to the coin to advance the plotting with me to get this done, poses a number of methods to increase the Presidential coins would also be ap- which we had to do from time to time. circulation of the dollar coin. plied to the Sacagawea coin. Specifi- It has been a great pleasure to work Essentially similar legislation passed both cally, here we are talking about mak- with the gentlewoman from New York subcommittee and full committee last year. ing a coin that will work in vending (Mrs. MALONEY) on this as well. Changes to this version include moving the machines, that has the gold color, yet I would like to thank all the staff starting date back one year, to 2007, and ex- is not so subject to tarnishing as the who worked on this legislation. It does plicit guarantees that the so-called existing rendition of the Sacagawea seem like a relatively simple bill, but ‘‘Sacagawea’’ design currently being minted coin. it is a little more complicated than one and issued, will continue to be minted and I think that the bill, as a result of might think; and there was a lot of issued during the life of the Presidential Dollar the changes made by the constructive staff involvement. Obviously, Emily program, as well as becoming the sole design dialogue we were able to maintain, is a Pfeiffer on my staff I thank particu- after the end of that program. better bill; and I am just deeply grate- larly, and Joe Pinder is truly an expert Finally the legislation incorporates as a sep- ful that on this issue, maybe not of on coinage. I think he dreams about arate title the text of H.R. 767, introduced by great national importance to many, these coins and constantly he would Mr. LAHOOD for himself and Mr. JACKSON,

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00024 Fmt 0688 Sfmt 9920 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD April 26, 2005 CONGRESSIONAL RECORD—HOUSE, Vol. 151, Pt. 6 7799 which calls for a temporary redesign of the re- marks and include extraneous material moderate-income Americans, opening a verse of the one-cent coin in 2009 honoring on H.R. 749, as amended. checking or savings account can be an the bicentennial of the birth of President Abra- The SPEAKER pro tempore. Is there important first step in establishing a ham Lincoln. objection to the request of the gen- credit history, which can unlock doors With that, I urge unanimous support for H.R. tleman from Delaware? to other financial opportunities. 902. There was no objection. I believe that this bill is a positive Mr. CASTLE. Mr. Speaker, I yield Mr. CASTLE. Mr. Speaker, I yield step toward ensuring that millions of back the balance of my time. myself 5 minutes. unbanked Americans have access to se- The SPEAKER pro tempore (Mr. Mr. Speaker, I rise in support of H.R. cure, low-cost remittance products, BOOZMAN). The question is on the mo- 749, the Expanded Access to Financial while drawing these same customers tion offered by the gentleman from Services Act of 2005, introduced by the into the regulated financial main- Delaware (Mr. CASTLE) that the House gentleman from Pennsylvania (Mr. stream. I therefore encourage all of my suspend the rules and pass the bill, GERLACH) and the gentleman from Cali- colleagues to vote in favor of H.R. 749. H.R. 902, as amended. fornia (Mr. SHERMAN) and favorably re- Mr. Speaker, I reserve the balance of The question was taken. ported to the House by the Committee my time. The SPEAKER pro tempore. In the on Financial Services. Mr. SHERMAN. Mr. Speaker, I yield opinion of the Chair, two-thirds of This bill makes a simple change to myself such time as I may consume. those present have voted in the affirm- the Federal Credit Union Act to allow Mr. Speaker, I think the gentleman ative. Federal credit unions to offer check from Delaware (Mr. CASTLE) summa- Mr. CASTLE. Mr. Speaker, on that I cashing and money transfer services to rized well the reasons for voting for demand the yeas and nays. anyone within their field of member- this bill. If I had more forbearance, I The yeas and nays were ordered. ship. H.R. 749 will serve the dual pur- would simply sit down, but I have a The SPEAKER pro tempore. Pursu- pose of lowering the cost to consumers really nicely written speech here and ant to clause 8 of rule XX and the of both check cashing and wire transfer will use a few minutes, hopefully ab- Chair’s prior announcement, further products, while providing credit unions breviating it, since so many of its proceedings on this motion will be the opportunity to establish relation- points have already been covered. postponed. ships with individuals who are cur- Mr. Speaker, I will put into the f rently unbanked. RECORD at this point a letter in support Money transfers by individuals living of this bill from the National Associa- EXPANDED ACCESS TO FINANCIAL and working in the U.S. to Latin Amer- tion of Federal Credit Unions. SERVICES ACT OF 2005 ica are currently estimated at $10 bil- NATIONAL ASSOCIATION Mr. CASTLE. Mr. Speaker, I move to lion annually, and should more than OF FEDERAL CREDIT UNIONS, suspend the rules and pass the bill double by 2010. Arlington, VA, April 26, 2005. (H.R. 749) to amend the Federal Credit Hon. MIKE OXLEY, b 1600 Chairman, House Committee on Financial Serv- Union Act to provide expanded access As the remittance market continues ices, House of Representatives, Washington, for persons in the field of membership to grow, there becomes a significant DC. of a Federal credit union to money danger in depriving customers of low- Hon. BARNEY FRANK, order, check cashing, and money trans- cost remittance products, thereby driv- Ranking Member, House Committee on Finan- cial Services, House of Representatives, fer services, as amended. ing them to underground service pro- The Clerk read as follows: Washington, DC. viders that evade regulatory oversight. DEAR CHAIRMAN OXLEY AND RANKING MEM- H.R. 749 H.R. 749 will allow credit unions to BER FRANK: On behalf of the National Asso- Be it enacted by the Senate and House of Rep- offer remittance products to individ- ciation of Federal Credit Unions (NAFCU), resentatives of the United States of America in uals who qualify for membership while the only national trade association that ex- Congress assembled, promoting greater transparency within clusively represents the interests of our na- SECTION 1. SHORT TITLE. the remittance market. This improved tion’s federal credit unions, I want to reit- This Act may be cited as the ‘‘Expanded Ac- transparency will enhance the ability erate our support for the Expanded Access to cess to Financial Services Act of 2005’’. Financial Services Act of 2005 (H.R. 749) and for regulators and law enforcement SEC. 2. CHECK CASHING AND MONEY TRANSFER urge the House to bring up and pass this key SERVICES OFFERED WITHIN THE agencies to track wire transfers used legislation. FIELD OF MEMBERSHIP. for illegal activity. Increasing the ease NAFCU fully supports the merits of this Paragraph (12) of section 107 of the Federal with which regulators and law enforce- bill, since abuses are rampant in commu- Credit Union Act (12 U.S.C. 1757(12)) is amended ment agencies can follow the money nities where immigrants rely on money to read as follows: trail is consistent with the rec- transfer companies to send remittances to ‘‘(12) in accordance with regulations pre- ommendations of the 9/11 Commission family members and others in their country scribed by the Board— on Terrorist Financing. of origin. Unfortunately, money transfer ‘‘(A) to sell, to persons in the field of member- companies oftentimes charge exorbitant fees ship, negotiable checks (including travelers Allowing Federal credit unions to on those sending remittances, while impos- checks), money orders, and other similar money offer products and services to all con- ing poor exchange rates. For example, a $1000 transfer instruments (including international sumers within their field of member- money transfer to Mexico via IRnet would and domestic electronic fund transfers); and ship would provide further benefits to cost $10, while the same transaction via ‘‘(B) to cash checks and money orders and re- our economy by allowing credit unions Western Union would cost between $30 and ceive international and domestic electronic fund to establish relationships with individ- $50 depending on the Western Union location. transfers for persons in the field of membership uals who are currently ‘‘unbanked.’’ Also, the credit union providing the transfer for a fee;’’. Many users of remittance services are may be successful in converting an unbanked potential member into a member. In The SPEAKER pro tempore. Pursu- recent immigrants and should be em- ant to the rule, the gentleman from reality, and in far too many cases, the costs powered with the knowledge and re- associated with sending such remittances is Delaware (Mr. CASTLE) and the gen- sources necessary to open personal ac- essentially nothing more than another form tleman from California (Mr. SHERMAN) counts at mainstream financial insti- of predatory lending. Many people do not each will control 20 minutes. tutions. Studies indicate that as many know that credit unions can provide a lower The Chair recognizes the gentleman as 10 million American households do cost and better alternative to these preda- from Delaware (Mr. CASTLE). not have a bank account. Establishing tory practices. As such, NAFCU is pleased that a number of our member credit unions GENERAL LEAVE and successfully managing a personal currently offer remittance services to their Mr. CASTLE. Mr. Speaker, I ask account with an insured depository in- members. unanimous consent that all Members stitution can lead to greater economic Last year, in testimony before the House may have 5 legislative days within self-sufficiency and long-term financial Financial Services Subcommittee on Finan- which to revise and extend their re- security. Particularly for low- and cial Services and Consumer Credit during a

VerDate Nov 24 2008 11:09 Mar 11, 2009 Jkt 039102 PO 00000 Frm 00025 Fmt 0688 Sfmt 0634 E:\BR05\H26AP5.000 H26AP5 erowe on PROD1PC63 with BOUND RECORD