Power of the Mint Act

Hozzl · 2023-12-15T15:58:16Z

Explore the details of House Bill 3402 Power of the Mint Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:58 PM

Summary of Bill HR 3402

Bill 118 hr 3402, also known as the Power of the Mint Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to grant the Secretary of the Treasury the authority to direct the United States Mint to produce platinum coins in various denominations.

The bill specifies that these platinum coins must be produced in a way that ensures their purity and weight, in accordance with the specifications set by the Secretary of the Treasury. Additionally, the bill outlines that the platinum coins must bear inscriptions and designs as determined by the Secretary of the Treasury.

Furthermore, the Power of the Mint Act states that the platinum coins produced under this legislation shall be legal tender and have a face value that is not less than the market value of the platinum content in the coins. This provision is intended to ensure that the coins are valued appropriately and can be used as a form of currency. Overall, the Power of the Mint Act seeks to give the Secretary of the Treasury the authority to produce platinum coins with specific guidelines and requirements. This legislation aims to provide the government with additional flexibility in managing the nation's currency and financial resources.

Congressional Summary of HR 3402

Power of the Mint Act

This bill prohibits the Board of Governors of the Federal Reserve from issuing a central bank digital currency. Further, the Department of the Treasury is prohibited from directing the board to issue a central bank digital currency.

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Current Status of Bill HR 3402

Bill HR 3402 is currently in the status of Bill Introduced since May 17, 2023. Bill HR 3402 was introduced during Congress 118 and was introduced to the House on May 17, 2023. Bill HR 3402's most recent activity was Referred to the House Committee on Financial Services. as of May 17, 2023

Bipartisan Support of Bill HR 3402

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3402

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 3402

Power of the Mint ActPower of the Mint ActTo prohibit the Board of Governors of the Federal Reserve and the Secretary of the Treasury from issuing a central bank digital currency, and for other purposes.

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