December 13, 2011
JOHNSON, REED, AND TESTER COMMEND ADMINISTRATION ANNOUNCEMENT ON ELIMINATING WASTEFUL $1 COIN PRODUCTION
WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD), along with Senator Jack Reed (D-RI) and Senator Jon Tester (D-MT) today commended the Administration’s announcement that the Treasury will stop producing excess Presidential $1 coins.
“I am glad to see the Administration make this commonsense reform to eliminate unnecessary waste of taxpayer money,” said Chairman Johnson. “I welcome this development, and I look forward to monitoring the Administration’s progress as it works to match production with demand.”
“I applaud the steps the Obama Administration is taking to end government waste,” said Senator Reed. “The build-up of excess coins was troubling and costly. If people don’t want these coins, let’s stop making them.”
“Whether it’s pinching pennies or pinching dollars, no action is too small when it comes to cutting spending, going after waste and saving taxpayers money,” Tester said. “Reducing the production of coins most Montanans don’t use is common sense, and I’m pleased the Treasury is responding to our call for action.”
In July, Senators Johnson, Reed and Tester sent a letter to the Federal Reserve and the U.S. Mint asking both agencies to explore what steps they could take to protect taxpayer resources and stop producing unwanted $1 coins. Today’s announcement will save taxpayers an estimated $50 million annually over the next several years.
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