WASHINGTON, July 29, 2015 /PRNewswire-USNewswire/ -- The
Dollar Coin Alliance strongly supports the introduction of the
Unified Savings and Accountability Act (USA Act). This legislation, introduced today
in the House and the Senate features provisions that would
implement at least $57 billion in
cost savings throughout the federal government. Included in the
USA Act is a currency
modernization provision that eliminates the dollar note and
replaces it with the more sustainable and efficient dollar coin,
generating at least $4.4 billion and
up to $13.8 billion in taxpayer
savings.
The USA Act, introduced 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, combines opportunities to reduce waste and
create efficiencies throughout the federal government, many of
which are based on the Government Accountability Offices' (GAO)
recommendations.
"This legislation recognizes the critical need for budget-saving
measures such as currency modernization," said Former Congressman
Tim Penny, Honorable Co-Chair of the
Dollar Coin Alliance, "Reducing waste and inefficiency is always
the right decision. Creating savings for taxpayers and funding for
necessary programs is a common sense plan both parties can get
behind."
Support for currency modernization and the dollar coin continues
to grow in Congress. Last month, Congress passed a budget
resolution signed into law by President Obama, which allows the
savings from currency modernization to be applied to budget items –
a significant development as Congress struggles to find funding for
critical programs such as the highway patch, repealing the medical
device tax, or addressing any number of sequester
concerns.
These recent achievements come after 24 years of the GAO
recommending currency modernization. They estimate that the Federal
government could save billions without raising a single tax or
cutting a single program.
"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 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."
Businesses and the American people are ready to support the
transition to the dollar coin and experience the significant
benefits from currency modernization. Rasmussen reported in
late 2012 that 61% of Americans favor the dollar coin after
informed of the budget savings. Opinion pages across the nation
support the switch to the dollar coin including The New York Times, USA Today, The Washington Post, The Chicago
Tribune and U.S. News & World Report.
For more information please visit
www.DollarCoinAlliance.org.
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SOURCE The Dollar Coin Alliance