Wyoming Senator Wants To Get Rid Of $1 Bill
A U.S. senator from Wyoming helped introduce legislation to phase out the $1 bill and replace it with a $1 coin.
According to a news release from Republican U.S. Sen. Mike Enzi, the move would save taxpayers millions of dollars and reduce the federal deficit.
Enzi joined Sens. Tom Harkin, D-Iowa, John McCain, R-Ariz., and Tom Coburn, R-Okla., in introducing the Currency Optimization, Innovation and National Savings (COINS) Act on Tuesday.
Enzi listed the following as his reasons for supporting the legislation:
— The U.S. Government Accountability Office has examined the matter five times since 1990 and most recently in 2011, and recommended that the nation transition to a $1 coin, and the savings could be from $200 million to a half billion dollars.
— Virtually every modern economy has made the switch to higher denomination coins. According to the news release, Canada saved 10 times more money than it projected when it moved to the Loonie 25 years ago.
— The dollar coin will save money for those engaged in a large number of transactions like large retail stores, vending machines operators and transit agencies.
— The $1 coin would be more environmentally friendly.
The Senate bill is a companion bill to the COINS Act in the House, introduced by Congressman David Schweikert, R-Ariz. The House bill has the bipartisan support of 11 co-sponsors.
