Press Release: Debt Reduction Task Force Recommends Move to Dollar Coin
Bipartisan Group Led By Former Senator Domenici and Former CBO Director Rivlin Endorses Budget Savings of Dollar Coin
For Immediate Release
January 15, 2013
Contact: Bryan DeAngelis
WASHINGTON, DC – A bipartisan task force chaired by former Republican Senator Pete Domenici and former Congressional Budget Office Director Dr. Alice Rivlin called for the dollar note to be replaced by the dollar coin in its report on bipartisan proposals to address the federal debt.
The Government Accountability Office has recommended this modernization of one-dollar currency eight times in the last 20 years due to the estimated budget savings of at least $4.4 billion.
“The goal of this task force has been to identify bipartisan proposals to address our country’s growing federal debt. Modernizing our one-dollar currency is a simple, common sense measure that I have long supported because of the billions in savings it offers the federal government.” said former Senator Domenici, co-Chairman of the Debt Reduction Task Force. “With bipartisan support in both chambers of Congress, we are optimistic that Congress can rally behind this proposal and the recommendations outlined in Domenici-Rivlin 2.0.”
The 2012 update to the Bipartisan Policy Center’s Domenici-Rivlin Debt Reduction Task Force Plan 2.0 argues that, “Many other programs run on autopilot, with no recurring oversight by Congress. We propose reforms listed below to constrain the growth of these programs and improve their effectiveness…”
Included in that list was the recommendation to, “Cease production of dollar bills and the one-cent piece, while increasing production of dollar coins.”
“The Domenici-Rivlin task force’s endorsement of the dollar coin recognizes how this simple change could bring significant savings to the government. As we’ve seen in national newspaper endorsements, congressional support and public opinion polling, when people are informed about the significant budget savings benefit they strongly favor eliminating the note in favor of the coin,” said Dollar Coin Alliance co-chairman former Congressman Tim Penny (D-MN).
About Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of small businesses, budget watchdogs, transit agencies, and labor groups dedicated to saving American taxpayers billions of dollars by transitioning to a one-dollar coin, and focused on educating taxpayers and policy-makers about the benefits of increasing dollar coin circulation. For more information, or to get involved, please visit www.DollarCoinAlliance.org.
Bipartisan legislation to transition from the dollar note to the dollar coin was introduced in both Chambers of Congress last session. The COINS Act (H.R. 2977 and S. 2049) was introduced by Congressman Schweikert, Senators Tom Harkin (D-IA), John McCain (R-AZ), Tom Coburn (R-OK), Mike Enzi (R-WY) and is designed to save the country billions of dollars by eliminating the wasteful, inefficient $1 note.
In late 2010, the Bipartisan Policy Center’s Debt Reduction Task Force, co-chaired by former Sen. Pete Domenici and former Congressional Budget Office (CBO) Director Dr. Alice Rivlin, released a comprehensive, very detailed fiscal plan that would have promoted economic growth and stabilized America’s federal debt trajectory. Since then, a weaker than anticipated economy, as well as political events, have prompted an update of the Domenici-Rivlin Plan, which we call Domenici-Rivlin (D-R) 2.0.