H.R. 2977: Currency Optimization, Innovation, and National Savings Act

112th Congress · introduced 2011-09-20 · Finance and Financial Sector · Latest: Referred to the Subcommittee on Domestic Monetary Policy and Technology.

federal

Follow this bill, step by step

Where it came from: introduced 2011-09-20 · official record
Who proposed it: Rep. Schweikert, David [R-AZ-5] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Domestic Monetary Policy and Technology. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Currency Optimization, Innovation, and National Savings Act

Plain summary

Currency Optimization, Innovation, and National Savings Act - Requires the Board of Governors of the Federal Reserve System (Federal Reserve Board) to sequester all $1 coins bearing the design common to those $1 coins minted and issued from 1979-1981 and again in 1999. Allows the release of such sequestered coins to collectible coin dealers and countries that have adopted the U.S. dollar as their base unit of exchange. Directs the Federal Reserve Board to: (1) undertake efforts to improve, and remove barriers to, the circulation of the all other $1 coins; and (2) work with the U.S. Mint, consumer groups, media outlets, and schools to publicize the Presidential $1 Coin Program. Declares it U.S. policy that after consumers and retailers are comfortable using and able to obtain adequate supplies of $1 coins, such $1 coins should replace $1 Federal Reserve notes as the only $1 monetary unit issued and circulated by the Federal Reserve System.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Currency Optimization, Innovation, and National Savings Act

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Schweikert, David [R-AZ-5] · 14 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Ken Calvert (R-CA), Paul Tonko (D-NY), Gregory W. Meeks (D-NY)

Sponsor's campaign money: Rep. Schweikert, David [R-AZ-5] reported raising $1.7 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr2977.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr2977 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112