Press Release: GAO Again Recommends Move to Dollar Coin
GAO AGAIN RECOMMENDS MOVE TO DOLLAR COIN
Currency Modernization Estimated to Save Taxpayers Billions
WASHINGTON – The Government Accountability Office (GAO), Congress’ own budget watchdog, released a new report last week again recommending that the U.S. modernize its currency from the dollar note to the dollar coin in order to save billions of dollars for taxpayers.
The independent, non-partisan GAO has now recommended eliminating the dollar bill in favor of the dollar coin to Congress 10 times. According to the report, the GAO estimates that the federal government could save at least $4.4 billion without raising a single tax or cutting a single program. Estimates by noted economists have predicted savings as high as $13.8 billion. The GAO report also reiterates the importance of quickly eliminating the note and transitioning to the coin in order to realize the full savings potential.
“As Congress struggles to reach agreement on the budget, it is getting harder for them to ignore their own budget watchdogs and the billions in savings available from the dollar coin,” said Jim Kolbe (R-AZ), Co-Chair of the Dollar Coin Alliance. “The dollar coin is a common sense solution and the time to act is now.”
The elimination of the dollar bill and transition to the coin has been endorsed by a broad coalition of supporters, including the Domenici-Rivlin Debt Reduction Task Force, and editorial boards from across the country such as The New York Times, The Washington Post, The Chicago Tribune, Los Angeles Times, Wisconsin State Journal and USA Today.
“In each and every recommendation, the GAO and others have reached the same conclusion: the dollar coin will save billions for taxpayers,” said Tim Penny (D-MN), Co-Chair of the Dollar Coin Alliance. “A majority of Americans support the dollar coin. It would be foolish to ignore such a popular program that also has bipartisan support in both the House and the Senate.”
The United States is the only industrialized nation that has not transitioned its lowest denomination currency to a coin. Every other major economy has long since made the switch, in some instances generating as much as 10 times initially estimated savings.
The Currency Optimization Innovation and National Savings (COINS) Act (S. 1105 and H.R. 3305), legislation calling for currency modernization, was introduced earlier this year by a bipartisan group of lawmakers including Sens. Tom Harkin (D-IA), John McCain (R-AZ), Tom Coburn (R-OK), Mike Enzi (R-WY) and Mark Udall (D-CO).
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.
For Immediate Release
December 03, 2013
Contact: Bryan DeAngelis