WYOMING – Sens. Mike Enzi and John McCain, reintroduced a bill today that would save money making money. The Currency Optimization, Innovation, and National Savings Act of 2017 (COINS Act) calls for moving to a $1 coin, reducing nickel production, and eliminating the penny (which costs more than a cent to produce).
The money-saving reforms, which have been studied and supported by the non-partisan Government Accountability Office, could generate up to $16 billion in taxpayer savings, according to Enzi.
“Change can be hard sometimes, but switching to a dollar coin could save our country $150 million a year,” Enzi said. “Our country is in a difficult financial position because we didn’t value the cost of the dollars we spent. We can’t afford to keep that up, and these innovative opportunities are a way to save taxpayer money that is really just being wasted with each new dollar we print and penny we mint.”
The Council for Citizens Against Government Waste (CCAGW) also endorsed the legislation today.
“It is well-documented that replacing the dollar bill with a dollar coin would save taxpayers billions of dollars, and also be good for consumers, businesses, and the environment,” said CCAGW president Tom Schatz. “The Council Citizens Against Government Waste has been advocating for the dollar coin for many years and we welcome the introduction of the COINS Act by Senators McCain and Enzi.”