The proposed bill, known as the “Roberto Clemente Commemorative Coin Act,” aims to have the Secretary of the Treasury mint commemorative coins in honor of Roberto Clemente, the celebrated baseball player and humanitarian. This legislation not only seeks to recognize Clemente's athletic achievements and activism but also ensures that his legacy continues through coins that highlight his contributions to sports and society.

General Summary of the Bill

The bill mandates the minting of three types of coins: $5 gold coins, $1 silver coins, and half-dollar clad coins. These coins are intended to commemorate the life and achievements of Roberto Clemente, a pioneer in Major League Baseball as the first Latino player to accomplish numerous feats. The coins will bear designs emblematic of Clemente's life, including his role as a civil rights activist. Surplus from the coin sales, after covering production and issuance costs, will be directed to the Roberto Clemente Foundation.

Summary of Significant Issues

Several issues have emerged concerning the bill's execution and impact:

1. Surcharge Allocation: The bill mandates that all proceeds from the surcharges on coin sales go exclusively to the Roberto Clemente Foundation, raising concerns about lack of funding diversity and potential favoritism.

2. Financial Assurances and Cost Recovery: The bill requires that minting and issuing the coins incur no net cost to the U.S. government. However, the lack of detailed demand projections and clear methods of cost recovery might result in financial risks or liabilities.

3. Design Process Transparency: The involvement of Roberto Clemente’s family and the foundation in the design of the coins could potentially result in undue influence, lacking transparency and objectivity.

4. No Budgetary Estimates: The absence of specific cost estimates for the coin production and issuance makes it difficult to evaluate potential fiscal responsibility or wastefulness.

5. Pricing and Discount Mechanisms: The bill’s language concerning pricing and discounts, especially for bulk sales, is vague and lacks oversight measures, which could lead to potential misuse or unfair pricing decisions.

Impact on the Public

The introduction of commemorative coins could serve to enhance public awareness and appreciation for Roberto Clemente's contributions both on and off the field. However, if the coins are priced too high due to significant surcharges, or if there is perceived mismanagement of funds, it could lead to criticism from collectors and the general public.

Impact on Specific Stakeholders

• Roberto Clemente Foundation: The foundation stands to benefit directly from the surcharges on coin sales. However, the lack of specified requirements on how these funds should be utilized by the foundation may raise concerns about efficacy and accountability in using these funds for intended purposes.

• Collectors and Baseball Fans: This initiative could be positively received by collectors and fans, as it represents an opportunity to own a piece of memorabilia honoring a baseball icon. Yet, the lack of clear pricing guidelines and possibly excessive surcharges might deter potential buyers.

• Treasury and Financial Oversight Bodies: For the Treasury, the bill presents an operational challenge to ensure that the financial assurances stipulated are met. The ambiguity surrounding cost recovery could strain resources or lead to unintended financial burdens.

In summary, while the intention behind the bill is noble, there are significant procedural and operational concerns that need to be addressed to ensure transparency, fairness, and fiscal responsibility. Proper oversight, clear financial projections, and precise accountability mechanisms could enhance the bill’s effectiveness and its positive impact on both the public and specific stakeholders.

The bill H.R. 1787 proposes a plan to mint commemorative coins in honor of Roberto Clemente. The financial aspects of this bill involve the creation of specific coins and the distribution of proceeds from their sale.

Coin Specifications and Minting

The bill authorizes the production of three types of coins: up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar coins. Each coin is to feature designs celebrating Clemente's legacy. The $5 coins must contain not less than 90% gold, while the $1 coins should have equivalent proportions of silver. The half-dollar coins are to be minted to standard specifications.

Financial Distribution and Surcharges

A key financial aspect of this bill is the application of surcharges on coin sales, with $35 for each $5 coin, $10 for each $1 coin, and $5 for each half-dollar coin. These surcharges are intended to fund the Roberto Clemente Foundation, supporting educational, sports, and disaster relief initiatives associated with Clemente's legacy. However, the allocation of these funds raises concerns about the lack of diversity in funding distribution, as it limits the support to one entity without broader consideration. This could also lead to perceived favoritism.

Cost Recovery and Government Financial Impact

The bill emphasizes that the minting and sale of these coins should not incur any net cost to the U.S. government. However, there is potential for financial liability if coin sales do not fully cover the costs involved in their production, which includes designing, minting, and marketing. The requirement to ensure no net cost relies heavily on accurate demand forecasts and cost recovery, which are not sufficiently detailed in the bill.

Transparency and Oversight

The process for determining the price and possible discounts for the coins may lack transparency. The bill does not specify oversight mechanisms to ensure that the pricing set by the Secretary of the Treasury is fair and justified, which leaves room for potential misuse of authority. Additionally, while the surcharges appear substantial, there is no justification for these specified amounts, which may seem unreasonable to potential buyers.

Conclusion

While the intention of honoring Roberto Clemente's legacy through commemorative coins is clear, the financial aspects of the bill present several issues. The restricted allocation of surcharge proceeds, ambiguity in financial impact assessments, and lack of oversight on pricing decisions suggest areas that require further clarification to ensure accountability and transparency.