LA28 Olympic and Paralympic Games Commemorative Coin Act
This bill directs the Department of the Treasury to mint coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California.
All surcharges received by Treasury from the sale of the coins shall be promptly paid by Treasury to the United States Olympic and Paralympic Properties for the objects and purposes related to the hosting of the 2028 Olympic and Paralympic Games and to aid in the execution of its legacy programs, including the promotion of youth sports in the United States.
Treasury is encouraged to develop and execute a marketing and educational program to promote and sell the coins.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1794 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 1794
To require the Secretary of the Treasury to mint coins in commemoration
of the 2028 Olympic and Paralympic Games in Los Angeles, California.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 24, 2023
Mr. Sherman (for himself, Mr. Lucas, Mrs. Napolitano, Mr. Correa, Mr.
Costa, Ms. DeGette, Mr. Grijalva, Ms. Kamlager-Dove, Mrs. Kim of
California, Mr. Lieu, Ms. Chu, Mr. Bacon, Ms. Porter, Ms. Sanchez, Mr.
Schiff, Mrs. Steel, Mr. Robert Garcia of California, Ms. Brownley, and
Ms. Lee of California) introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the 2028 Olympic and Paralympic Games in Los Angeles, California.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``LA28 Olympic and Paralympic Games
Commemorative Coin Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) The 2028 Olympic and Paralympic Games, officially known
as the Games of the XXXIV Olympiad or ``LA28'', will be held in
Los Angeles, California.
(2) This will be the first time the Olympic and Paralympic
Games have been held in the United States in 26 years.
(3) The United States has hosted the modern Olympic Games 9
times, with the 2028 Games becoming the third time Los Angeles
will host the summer Olympic Games.
(4) The Paralympic Games will celebrate its 80th
anniversary in 2028, with Los Angeles hosting the Paralympic
Games for the first time.
(5) Unlike some other countries, Olympic Games in the
United States are privately funded. The LA28 Games maintain
this model with its revenue generated by corporate partners,
broadcast rights, licensing, hospitality and ticket sales.
(6) With Los Angeles hosting the Paralympic Games for the
first time in 2028, the 2028 Olympic and Paralympic Games
Commemorative Coin Program has the opportunity to increase
awareness and create more inclusivity for people with
disabilities with the creation of a single, unifying coin to
commemorate the Games.
SEC. 3. COIN SPECIFICATIONS.
(a) Denominations.--The Secretary of the Treasury (in this Act
referred to as the ``Secretary'') shall mint and issue the following
coins in commemoration of the 2028 Olympic and Paralympic Games in Los
Angeles, California:
(1) $5 gold coins.--Not more than 100,000 $5 coins, each of
which shall--
(A) weigh 8.359 grams;
(B) have a diameter of 0.850 inches; and
(C) contain not less than 90 percent gold.
(2) $1 silver coins.--Not more than 500,000 $1 coins, each
of which shall--
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain not less than 90 percent silver.
(3) Half-dollar clad coins.--Not more than 300,000 half-
dollar coins, each of which shall--
(A) weigh 11.34 grams;
(B) have a diameter of 1.205 inches; and
(C) be minted to the specifications for half-dollar
coins contained in section 5112(b) of title 31, United
States Code.
(4) Proof silver $1 coins.--Not more than 100,000 proof
silver $1 coins, each of which shall--
(A) weigh 5 ounces;
(B) have a diameter of 3 inches; and
(C) contain .999 fine silver.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(c) Numismatic Items.--For purposes of section 5134 of title 31,
United States Code, all coins minted under this Act shall be considered
to be numismatic items.
(d) Mintage Limit Exception.--If the Secretary determines, based on
independent, market based research conducted by the U.S. Olympic and
Paralympic Committee, that the mintage levels described under this
subsection are not adequate to meet public demand, the Secretary may
increase the mintage levels as the Secretary determines is necessary to
meet public demand.
SEC. 4. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The design of the coins minted under this
Act shall be emblematic of the participation of United States
athletes in the LA28 Games.
(2) Designation and inscriptions.--On each coin minted
under this Act there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year ``2028''; and
(C) inscriptions of the words ``Liberty,'' ``In God
We Trust,'' ``United States of America,'' and ``E
Pluribus Unum''.
(3) Selection of designs.--The designs for the coins minted
under this Act shall be--
(A) selected by the Secretary after consultation
with--
(i) the United States Olympic and
Paralympic Properties; and
(ii) the Commission of Fine Arts; and
(B) reviewed by the Citizens Coinage Advisory
Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--The Secretary may issue coins minted under
this Act in uncirculated and proof qualities.
(b) Period of Issuance.--The Secretary may issue coins minted under
this Act only during the 1-year period beginning on January 1, 2028.
SEC. 6. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act shall be sold by
the Secretary at a price equal to the sum of--
(1) the face value of the coins;
(2) the surcharge provided in section 7(a) with respect to
such coins; and
(3) the cost of designing and issuing such coins (including
labor, materials, dies, use of machinery, overhead expenses,
and marketing, and shipping).
(b) Bulk Sales.--The Secretary shall make bulk sales of the coins
issued under this Act at a reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders
for the coins minted under this Act before the issuance of such
coins.
(2) Discount.--Sales with respect to prepaid orders under
paragraph (1) shall be at a reasonable discount.
SEC. 7. SURCHARGES.
(a) In General.--All sales of coins issued under this Act shall
include a surcharge of--
(1) $35 per coin for the $5 coin;
(2) $10 per coin for the $1 coin described under section
3(a)(2);
(3) $5 per coin for the half-dollar coin; and
(4) $50 per coin for the $1 proof silver coin.
(b) Distribution.--Subject to section 5134(f) of title 31, United
States Code, all surcharges received by the Secretary from the sale of
coins issued under this Act shall be promptly paid by the Secretary to
the United States Olympic and Paralympic Properties for the objects and
purposes related to the hosting of the 2028 Olympic and Paralympic
Games and to aid in the execution of its legacy programs, including the
promotion of youth sports in the United States.
(c) Audits.--The United States Olympic and Paralympic Properties
shall be subject to the audit requirements of section 5134(f)(2) of
title 31, United States Code, with regard to the amounts received under
subsection (b).
(d) Limitation.--Notwithstanding subsection (a), no surcharge may
be included with respect to the issuance under this Act of any coin
during a calendar year if, as of the time of such issuance, the
issuance of such coin would result in the number of commemorative coin
programs issued during such year to exceed the annual 2 commemorative
coin programs issuance limitation under section 5112(m)(1) of title 31,
United States Code (as in effect on the date of the enactment of this
Act). The Secretary may issue guidance to carry out this subsection.
SEC. 8. MARKETING AND FINANCIAL ASSURANCES.
(a) In General.--The Secretary shall take such actions as may be
necessary to ensure that--
(1) minting and issuing coins under this Act result in no
net cost to the Federal Government; and
(2) no funds, including applicable surcharges, shall be
disburses to any recipient designated in section 7(b) until the
total cost of designing and issuing all of the coins authorized
by this Act, including labor, materials, dies, use of
machinery, overhead expenses, marketing and shipping, is
recovered by the United States Treasury, consistent with
sections 5112(m) and 5134(f) of title 31, United States Code.
(b) Marketing and Educational Program.--The Secretary is encouraged
to develop and execute a marketing and educational program, including
appropriate cooperative marketing opportunities with the United States
Olympic and Paralympic Properties and its licensees, to promote and
sell the coins authorized under this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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