I know this isn't much, but it would save $522,000,000.00 (million) per year
In the face of a record $1.4 trillion federal deficit, some government bureaucrats are putting their self-interest ahead of taxpayers and this nation’s financial future by erecting barriers to a program that is authorized by law, ready for implementation, and would cut more than half a billion dollars from the federal budget annually!
Since 2000, several Acts of Congress -- passed with broad, bipartisan support -- have directed the U.S. Mint to issue “golden” $1 coins. The $1 coin has proven to save the federal government significant sums of money over the $1 bill because $1 coins are more durable and cost significantly less to produce over their lifespan. The $1 coin can last 30 years or more, compared to just 21 months on average for the $1 bill. That means the $1 coin costs 16 cents to produce, or 66 percent less than the 47-cent cost of the lifespan production of the $1 bill.
Ten years ago, the Government Accountability Office estimated that using $1 coins would save taxpayers as much as $522 million each year. The savings would likely be even higher today.
In addition, the $1 coin saves money for the private sector because it is cheaper to handle and process coins than bills. Mass transit agencies have found that processing $1 coins costs 83 percent less than processing $1 bills. In addition, vending machine operators have determined that $1 coins save their industry $1 billion a year.
But proving yet again that even the most commonsense cost-saving reform will face opposition from those who benefit from the status quo, the Federal Reserve is standing in the way of the $1 coin’s success, and the Treasury Department is letting them get away with it!
The Federal Reserve and the U.S. Mint are required by law to remove barriers to the $1 coin’s circulation. However, the Federal Reserve issues the United States’ paper currency and doesn’t like the competition from the $1 coin, which is issued by the Mint. The Fed’s leaders have instituted all sorts of ridiculous regulations and red tape that restrict access to $1 coins for banks, businesses, and individual Americans like you and me.
The burden is on the Treasury Department to force the Federal Reserve to follow the law.
Please tell Secretary Geithner to stand up for taxpayers and help save more than half a billion dollars annually by demanding the Fed stop obstructing circulation of the $1 coin.