New federal legislation projects $57 billion in taxpayers’ savings through currency modernization and other waste reduction measures
WASHINGTON, D.C. – With an eye toward saving U.S. taxpayers upward of $57 billion, a bipartisan congressional team has introduced the Unified Savings and Accountability Act (USA Act), a sweeping legislative effort designed to reduce waste and create efficiencies throughout the federal government.
The legislation, which was announced last Wednesday, is co-sponsored by Senators John McCain (R-AZ) and Mike Enzi (R-WY) in the Senate and Congressman Robert Pittenger (R-NC) and Congresswoman Kyrsten Sinema (D-AZ) in the House.
One of the cornerstones of the USA Act is a currency modernization provision that eliminates the paper dollar and replaces it with the more sustainable and efficient dollar coin. The Government Accountability Office estimates the provision will generate at least $4.4 billion and up to $13.8 billion in taxpayer savings.
“By reforming and modernizing America’s outdated currency system, and moving forward with common sense good government practices, this bill would enable our country to reduce unnecessary bureaucratic waste and generate billions in taxpayer savings,” Sen. McCain pointed out.
News of the bill’s introduction was greeted enthusiastically by members of the Dollar Coin Alliance, a coalition of public and private companies, agencies and associations committed to currency modernization. Among the DCA’s charter members is Global Brass and Copper, Inc., Olin Brass’s parent company.
“Changing to the dollar coin is an easy way to save a great deal of tax payer money,” said Olin Brass spokesman Greg Keown, Vice President Sales and Marketing, citing the 20+ year lifespan of the coin vs. the 3-4 year average for the paper note. “The United States is the only currency among the world’s large economies that still prints bills of that small denomination. It’s time we caught up.”
Mr. Keown’s sentiment is echoed by growing support in Washington. The budget resolution (S.Con.Res.11) passed by Congress in May includes a section that expressly allows the savings from currency modernization to be applied to budget items in critical need of funding. That comes on top of the decades-long endorsement of the Government Accountability Office (GAO), which estimates that currency modernization could save billions without raising a single tax or cutting a single program.
Beyond the Beltway, businesses and the American people have shown they’re ready to get onboard, as well. A 2012 Rasmussen Reports poll showed that more than 3 in 5 Americans favor conversion to the dollar coin after being informed of the budget savings. And op-ed pieces supporting the switch have appeared in leading newspapers across the nation, including The New York Times, USA Today, The Washington Post, The Chicago Tribune and U.S. News & World Report.
“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 Arizona 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.”
GBC Metals, LLC, (dba Olin Brass) is a wholly owned subsidiary of Global Brass and Copper, Inc. which is a subsidiary of Global Brass and Copper Holdings, Inc, an organization whose companies are among the world’s leaders in a variety of specialized copper, brass, and other metal products. For further information, please visit our website at http://www.gbcholdings.com or www.olinbrass.mainteractive-host2.com. To find out more about the Dollar Coin Alliance and its currency modernization efforts, visit http://www.dollarcoinalliance.org