Fleet Reserve Association 100th Anniversary Act
This bill directs the Department of the Treasury to mint and issue 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in recognition and celebration of the 100th anniversary of the Fleet Reserve Association. All sales of coins issued under this bill shall include a surcharge which shall be paid to the Fleet Reserve Association.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2929 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 2929
To require the Secretary of the Treasury to mint commemorative coins in
recognition of the 100th anniversary of the Fleet Reserve Association.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 27, 2023
Mr. Bilirakis (for himself and Mr. Garamendi) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint commemorative coins in
recognition of the 100th anniversary of the Fleet Reserve Association.
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 ``Fleet Reserve Association 100th
Anniversary Act''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) On November 11, 1924, the Fleet Reserve Association
(FRA) was founded by Navy Chief Yeoman George L. Carlin and
chartered in 1924 in Philadelphia, Pennsylvania. FRA was born
out of the need for an organization to protect the pay and
benefits of enlisted Sea Service members and their families.
(2) The Fleet Reserve Association (FRA) is a
congressionally chartered, non-profit organization that
represents the interests of the Sea Service community. Although
the association was originally named for the Navy's Fleet
Reserve program, membership in FRA is open to all current and
former sailors, marines, and Coast Guard personnel.
(3) In 1930, FRA-proposed legislation was enacted that
authorizes a death gratuity benefit of six months basic pay to
the estates of recalled Fleet Reservists who subsequently die
on active duty.
(4) In 1932, FRA was successful in exempting enlisted
personnel from Great Depression-era pay cuts that deferred pay
for Federal employees by 8 to 20 percent.
(5) In 1934, FRA regained two-thirds of the 15 percent pay
cut authorized in the Economy Act of 1933. The remaining 5
percent was restored in 1935.
(6) In 1935, FRA was successful in obtaining eligibility
for Navy retirees and Fleet Reservists to receive emergency
care in veterans' hospitals in areas where military facilities
were not available.
(7) In 1937, FRA helped advance legislation that authorized
commissary privileges for military widows.
(8) In 1946, FRA was successful in establishing equity in
disability compensation for disabled peacetime veterans with
their wartime counterparts.
(9) In 1950, FRA first proposed legislation to provide a
survivor benefit program as part of the military retirement
system.
(10) In 1972, FRA played a major role in the enactment of
the Widow's Equity bill, the precursor of today's Survivor
Benefit Plan (SBP) and FRA sponsored the Navy's first Sailors
of the Year competition, a tradition that continues today.
(11) In 1985, FRA became a founding member of The Military
Coalition when laws threatened to significantly cut military
retired pay. The FRA is one of 12 military and veterans
organizations that banded together to reverse the potential
loss of 22.5 percent in cost-of-living adjustments (COLA) over
a seven-year period.
(12) In 1986, FRA played a key role in restoring full cost-
of-living adjustments (COLA) for military retirees.
(13) In 1996, FRA became federally chartered as part of the
National Defense Authorization Act for Fiscal Year 1997 (Public
Law 104-201).
(14) In 2002, the Bob Stump National Defense Authorization
Act for Fiscal Year 2003 (Public Law 107-314) authorized
combat-related special compensation (CRSC) for disabled
uniformed services retirees wounded in combat, which FRA
acknowledged as a significant first step toward full concurrent
receipt of military retired pay and Department of Veterans
Affairs disability compensation.
(15) In 2009, the FRA Education Foundation was launched in
conjunction with FRA's 85th anniversary.
(16) In 2013, FRA successfully defeated efforts to reduce
future cost-of-living adjustments (COLA) for military retirees
by blocking implementation of the chained consumer price index
(CPI) in lieu of the current consumer price index (CPI).
(17) November 11, 2024, will mark the 100th anniversary of
the Fleet Reserve Association.
SEC. 3. COIN SPECIFICATIONS.
(a) Denominations.--In recognition and celebration of the 100th
anniversary of the Fleet Reserve Association, the Secretary of the
Treasury (hereafter in this Act referred to as the ``Secretary'') shall
mint and issue the following coins:
(1) $5 gold coins.--Not more than 50,000 $5 coins, 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 400,000 $1 coins, 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 750,000 half-
dollar coins 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.
(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 sections 5134 and 5136 of
title 31, United States Code, all coins minted under this Act shall be
considered to be numismatic items.
SEC. 4. DESIGNS OF COINS.
(a) In General.--The designs for the coins minted under this Act
shall be emblematic of the Fleet Reserve Association.
(b) Designations and Inscriptions.--On each coin minted under this
Act there shall be--
(1) a designation of the denomination of the coin;
(2) an inscription of the year ``2024'';
(3) FRA's motto: ``Loyalty, Protection, and Service''; and
(4) inscriptions of the words ``Liberty'', ``In God We
Trust'', ``United States of America'', and ``E Pluribus Unum''.
(c) Selection.--The designs for the coins minted under this Act
shall be--
(1) selected by the Secretary after consultation with--
(A) the Commission of Fine Arts; and
(B) the National Board of Directors of the Fleet
Reserve Association, as defined in the constitution and
bylaws of the Fleet Reserve Association; and
(2) reviewed by the Citizens Coinage Advisory Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Period for Issuance.--The Secretary may issue coins minted
under this Act only during the 1-year period beginning on January 1,
2024.
SEC. 6. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act shall be sold by
the Secretary at a price based upon 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 the coins (including
labor, materials, dies, use of machinery, overhead expenses,
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.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
SEC. 7. SURCHARGES.
(a) In General.--All sales of coins minted under this Act shall
include a surcharge as follows:
(1) A surcharge of $35 per coin for the $5 coin.
(2) A surcharge of $10 per coin for the $1 coin described
under section 3(a)(2).
(3) A surcharge of $5 per coin for the half-dollar 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 Fleet Reserve Association for costs related to--
(1) promoting the importance of and caring for those who
have served in uniform, ensuring they receive proper health
care and disability benefits earned through military service;
(2) promoting the importance of, and caring for, those who
are still serving in the Armed Forces;
(3) promoting the importance of maintaining the patriotic
values, morals, culture, and citizenship of the United States;
and
(4) promoting the importance of maintaining strong
families, assistance for at-risk children, and activities that
promote their healthy and wholesome development.
(c) 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 commemorative
coin program 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 of the Treasury may issue guidance to carry out
this subsection.
(d) Audit.--The recipient described under subsection (b) 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).
SEC. 8. FINANCIAL ASSURANCES.
The Secretary shall take such actions as may be necessary to ensure
that--
(1) minting and issuing coins under this Act will not
result in any net cost to the United States Government; and
(2) no funds, including applicable surcharges, are
disbursed to the recipient designated in section 7 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.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line