By Dollar Coin Alliance….
The Dollar Coin Alliance strongly supports the introduction of the Unified Savings and Accountability Act (USA Act). This legislation, introduced Tuesday in the House and the Senate features provisions that would implement at least $57 billion in cost savings throughout the federal government. Included in the USA Act is a currency modernization provision that eliminates the dollar note and replaces it with the more sustainable and efficient dollar coin, generating at least $4.4 billion and up to $13.8 billion in taxpayer savings.
The USA Act, introduced by Senators John McCain (R-AZ) and Mike Enzi (R-WY) in the Senate and Congressman Robert Pittenger (R-NC9) and Congresswoman Kyrsten Sinema (D-AZ9) in the House, combines opportunities to reduce waste and create efficiencies throughout the federal government, many of which are based on the Government Accountability Offices’ (GAO) recommendations.
“This legislation recognizes the critical need for budget-saving measures such as currency modernization,” said Former Congressman Tim Penny, Honorable Co-Chair of the Dollar Coin Alliance. “Reducing waste and inefficiency is always the right decision. Creating savings for taxpayers and funding for necessary programs is a common sense plan both parties can get behind.”
Support for currency modernization and the dollar coin continues to grow in Congress. Last month, Congress passed a budget resolution signed into law by President Obama, which allows the savings from currency modernization to be applied to budget items – a significant development as Congress struggles to find funding for critical programs such as the highway patch, repealing the medical device tax, or addressing any number of sequester concerns.
These recent achievements come after 24 years of the GAO recommending currency modernization. They estimate that the Federal government could save billions without raising a single tax or cutting a single program.
“During a time when everyone is squeezing the budget for potential savings, it’s important for Congress to look at the bills that are right in front of them,” said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. “Modernizing currency is a common-sense solution that could result in up to $13.8 billion in U.S. taxpayer savings – and that’s something everyone should get behind.”
Businesses and the American people are ready to support the transition to the dollar coin and experience the significant benefits from currency modernization.
Rasmussen reported in late 2012 that 61% of Americans favor the dollar coin after informed of the budget savings. Opinion pages across the nation support the switch to the dollar coin including The New York Times, USA Today, The Washington Post, The Chicago Tribune and U.S. News & World Report.
For more information please visit www.DollarCoinAlliance.org.
Conspicuously absent from this and every similar bill is any mention of the need for a circulating $2 denomination, be in a bill or a coin. Every other major jurisdiction that successfully eliminated its single-unit bill in favor of a coin (e.g. Canada, the UK, the EU, Australia …) also has a two-unit coin in regular use.
A fully-circulating $2 denomination would be politically useful because it would short-circuit the “pocketful of $1 coins” objection raised so often by nay-sayers. If the denomination is initially reintroduced as a redesigned paper bill, it could also blunt Crane Paper’s opposition to reduced demand for their banknote paper. As Americans became re-accustomed to a $2 bill, it could later be replaced with a coin as happened in Canada.