Press Release: CAGW Urges Congress to Ditch Dollar Bill for Dollar Coin
CITIZENS AGAINST GOVERNMENT WASTE URGES CONGRESS TO DITCH DOLLAR BILL FOR DOLLAR COIN
Testimony Highlights How Dollar Coin Will Save Taxpayers Billions
WASHINGTON, DC – Citizens Against Government Waste (CAGW) President Tom Schatz told members of Congress today that the government could save millions each year by transitioning to the $1 coin. By modernizing U.S. currency from a note to a $1 dollar coin, the government is estimated to save at least $4.4 billion over 30 years.
In Schatz’s written testimony prepared for the hearing today of the House Committee on Oversight and Government Reform titled, “Government Spending: How Can We Best Address the Billions of Dollars Wasted Every Year?” he said:
“Another painless way to save billions of dollars is to phase out the $1 note and transition to the $1 coin. The GAO has issued six separate reports over 22 years stating that billions could be saved from eliminating the $1 note. In its most recent report released in February 2012, the GAO estimated that switching to the $1 coin would save at least $4.4 billion over 30 years, or $146 million per year.
The Currency Optimization, Innovation, and National Savings (COINS) Act, introduced during the 112th Congress as H.R. 2977 in the House by Rep. David Schweikert (R-Ariz.) and as S. 2049 in the Senate by Sens. Tom Harkin (R-Iowa) and John McCain (R-Ariz.), would require Federal Reserve Banks to stop issuing the $1 note four years after enactment of the legislation or when circulation of $1 coins exceeds 600 million annually, whichever comes first.”
CAGW is joined by numerous small businesses, transit agencies, local and national editorial boards and 61% of the American people in their support of the budget savings benefits of transitioning to the dollar coin.
For more information about the Dollar Coin Alliance, or to get involved, please visit www.DollarCoinAlliance.org.
