Current status is Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

119th CONGRESS

1st Session

S. 1554

1. Short title
2. Sense of Congress
3. Discontinuation of 1-cent coins
4. No effect on legal tender

1. Short title

This Act may be cited as the "Make Sense Not Cents Act".

2. Sense of Congress

It is the sense of Congress that Congress has the sole authority to coin money and regulate currency.

3. Discontinuation of 1-cent coins

(a) In general - The Secretary of the Treasury may not mint or issue a 1-cent coin.

(b) Technical and conforming amendments

(1) - Title 31, United States Code, is amended—

(A) - in section 5112—

(i) - in subsection (a)—

(I) - by striking paragraph (6); and

(II) - by redesignating paragraphs (7) through (12) as paragraphs (6) through (11), respectively;

(ii) - in subsection (b), by striking the eighth sentence;

(iii) - by striking subsection (c);

(iv) - in subsection (i), by striking "(7), (8), (9), and (10)" each place the term appears and inserting "(6), (7), (8), and (9)";

(v) - in subsection (j), by striking "(7), (8), (9), or (10)" and inserting "(6), (7), (8), or (9)"; and

(vi) - in subsection (v), by striking "paragraph (12)" each place the term appears and inserting "paragraph (11)";

(B) - in section 5113(a), by striking the third sentence; and

(2) - Section 408(m)(3)(A)(i) of the Internal Revenue Code of 1986 is amended by striking "paragraph (7), (8), (9), or (10)" and inserting "paragraph (6), (7), (8), or (9)".

4. No effect on legal tender

Notwithstanding any other provision of this Act, or any amendment made by this Act, one-cent coins are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of minting or issue.

119-S1554