Discontinuation of circulation of coins

Section 5111 of title 31, United States Code, is amended— (1) in subsection (a)— (A) in paragraph (3), by striking and at the end; (B) in paragraph (4), by striking the period at the end and inserting; and; and (C) by adding at the end the following: (5) may discontinue the minting for circulation of any coin that is described in paragraph (1) (and that is minted for circulation, as of the date of enactment of this paragraph) only in accordance with the procedures described in subsection (e).; and (2) by adding at the end the following: (e) Discontinuation (1) Definition In this subsection, the term covered committees means— (A) the Committee on Banking, Housing, and Urban Affairs of the Senate; and (B) the Committee on Financial Services of the House of Representatives. (2) Requirements The Secretary of the Treasury may not discontinue the minting for circulation of a coin described in subsection (a)(5) unless the Secretary— (A) not later than 60 days before that discontinuation, and in coordination with the Director of the United States Mint, submits to the covered committees notice regarding that discontinuation, which shall include— (i) a description of the reasoning for that discontinuation, including fiscal and operational considerations; and (ii) a comprehensive plan for phasing out the circulating coin, taking into consideration— (I) the potential impacts of that discontinuation on consumers and businesses; and (II) the potential economic impacts of that discontinuation; and (B) not later than 30 days after the date on which the Secretary submits the notice required under subparagraph (A), provides a briefing to the covered committees regarding the plan for implementing that discontinuation..