The Legal Tender Modernization Act (H.R. 2528) was a bill proposed by United States RepresentativeJim Kolbe of Arizona in 2002. Its main goal was to stop the continual production of pennies. The bill also mentions other provisions including:
Allows the Bureau of Engraving and Printing to print postage stamps, currency, and security documents for foreign governments and U.S. states or political subdivisions in order to make foreign currency consistent with U.S. foreign policy.
Prohibits redesigning the $1 Federal Reserve Note, as it is not as inclined into being counterfeited therefore there is no need of a redesign.
States that the seigniorage (the U.S. government's profit earned from selling money to the Federal Reserve) should be included in the budget as a receipt.
The bill failed to advance in the house and died when the 107th Congress adjourned.
Critics of the Legal Tender Modernization Act state that by eliminating the penny, the rounding system would increase prices that could hurt the consumer, especially the lower class. Kolbe however has responded to such criticism and has stated that the rounding system "favors neither the consumer nor the retailer because the probability of rounding up or down is 50 percent either way – it would all come out even in the end."[1]
Other common criticisms include charitable causes depending on the penny, its perceived historical importance, and the adverse effect on the zinc industry as a penny is 97.5% zinc.[2][3]
^. www.gop.gov. Archived from the original on 9 May 2003. Retrieved 14 January 2022.
^. www.pennies.org. Archived from the original on 29 June 1998. Retrieved 14 January 2022.
^Annelena Lobb, CNN/Money Staff Writer (2002-04-12). "Should the penny go? - Apr. 11, 2002". Money.cnn.com. Retrieved 2011-05-05. {{cite web}}: |author= has generic name (help)
External linksEdit
CNN: Should the Penny Go?
CNN: The Fight Against the Penny
Citizens for Retiring the Penny
USA Today: Coins cost more to make than face value
October 28, 2023
legal, tender, modernization, 2528, bill, proposed, united, states, representative, kolbe, arizona, 2002, main, goal, stop, continual, production, pennies, bill, also, mentions, other, provisions, including, allows, bureau, engraving, printing, print, postage,. The Legal Tender Modernization Act H R 2528 was a bill proposed by United States Representative Jim Kolbe of Arizona in 2002 Its main goal was to stop the continual production of pennies The bill also mentions other provisions including Allows the Bureau of Engraving and Printing to print postage stamps currency and security documents for foreign governments and U S states or political subdivisions in order to make foreign currency consistent with U S foreign policy Five different new designs each year for the 2 Federal reserve notes Prohibits redesigning the 1 Federal Reserve Note as it is not as inclined into being counterfeited therefore there is no need of a redesign States that the seigniorage the U S government s profit earned from selling money to the Federal Reserve should be included in the budget as a receipt The bill failed to advance in the house and died when the 107th Congress adjourned Contents 1 Criticism 2 See also 3 References 4 External linksCriticism EditCritics of the Legal Tender Modernization Act state that by eliminating the penny the rounding system would increase prices that could hurt the consumer especially the lower class Kolbe however has responded to such criticism and has stated that the rounding system favors neither the consumer nor the retailer because the probability of rounding up or down is 50 percent either way it would all come out even in the end 1 Other common criticisms include charitable causes depending on the penny its perceived historical importance and the adverse effect on the zinc industry as a penny is 97 5 zinc 2 3 See also Edit nbsp Money portalPenny United States coin Penny debate in the United StatesReferences Edit GOP gov Kolbe Introduces Legislation to Modernize U S Legal Tender www gop gov Archived from the original on 9 May 2003 Retrieved 14 January 2022 Penny Support Profitability www pennies org Archived from the original on 29 June 1998 Retrieved 14 January 2022 Annelena Lobb CNN Money Staff Writer 2002 04 12 Should the penny go Apr 11 2002 Money cnn com Retrieved 2011 05 05 a href Template Cite web html title Template Cite web cite web a author has generic name help External links EditHouse Republican Conference CNN Should the Penny Go CNN The Fight Against the Penny Citizens for Retiring the Penny USA Today Coins cost more to make than face value Retrieved from https en wikipedia org w index php title Legal Tender Modernization Act amp oldid 1107752775, wikipedia, wiki, book, books, library,
