Overview
Title
An Act To require the Secretary of the Treasury to mint commemorative coins in recognition of the life and legacy of Roberto Clemente.
ELI5 AI
In this bill, the U.S. plans to make special coins to celebrate a famous baseball player, Roberto Clemente, and the money from selling these coins will go to help his charity do good work in sports and education.
Summary AI
H. R. 6751 aims to have the Secretary of the Treasury create special coins to honor Roberto Clemente, a legendary baseball player and humanitarian. The bill details specifications for three types of coins: $5 gold coins, $1 silver coins, and half-dollar clad coins. Sales of these coins will include surcharges, which will be given to the Roberto Clemente Foundation to support its activities in education, youth sports, and disaster relief. The bill ensures that the U.S. government will not incur any costs from minting these coins, and all expenses must be covered before surcharges are distributed.
Published
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AnalysisAI
Summary of the Bill
The Roberto Clemente Commemorative Coin Act, introduced in the House of Representatives, proposes the minting of commemorative coins by the Secretary of the Treasury to honor the life and legacy of Roberto Clemente, a celebrated Puerto Rican baseball player, humanitarian, and civil rights advocate. This legislation outlines the creation of three types of coins: gold, silver, and half-dollar clad coins, each to have specific design elements representing Clemente's life and accomplishments. The coins, to be available for purchase in 2027, aim to raise funds through a surcharge to support the Roberto Clemente Foundation.
Summary of Significant Issues
The bill presents several significant issues, primarily concerning the designation and distribution of funds generated from coin sales. All generated surcharges are earmarked for the Roberto Clemente Foundation, raising ethical questions about fairness and transparency in financial allocations. Additionally, the process for designing the coins involves multiple stakeholders, potentially complicating and delaying decisions. Unclear guidelines regarding production costs and financial assurances, such as the method to ensure no financial burden on the government, may also raise concerns about fiscal responsibility. There is a risk of missing revenue opportunities due to the limited issuance period in 2027, adding further complexity to its implementation.
Impact on the Public
The broader impact of this bill on the public would likely be positive from a commemorative perspective, as it celebrates an iconic figure who was instrumental in advancing civil rights and fostering community involvement. Roberto Clemente's story resonates deeply within and beyond the baseball community, highlighting values of perseverance, activism, and philanthropy. The coins serve as educational tools to promote awareness of these values and could encourage public interest and pride in cultural and historical achievements.
From an economic perspective, the limited issuance of the coins could generate significant interest and demand among numismatists and baseball aficionados, offering an avenue for collectors to own a piece of history. However, any financial constraints or mismanagement in production or distribution could limit these benefits.
Stakeholder Impact
Positive Impacts
For the Roberto Clemente Foundation, this bill represents a unique opportunity for financial support, enhancing its capacity to conduct outreach programs focused on education, youth sports, and disaster relief. The foundation, having Clemente's name recognition, stands to gain additional exposure and credibility, aiding in the fulfillment of its mission.
Furthermore, the Hispanic and broader Latino community might view this legislation as an acknowledgment of Clemente's legacy and his pioneering role in bringing attention to racial and social justice issues within sports. Thus, it serves to strengthen cultural heritage appreciation and visibility.
Negative Impacts
On the flip side, stakeholders could face challenges stemming from the potential perception of favoritism toward a single entity, namely the Roberto Clemente Foundation. This exclusivity in fund allocation might garner criticism and calls for a more equitable distribution to include other nonprofits or initiatives aligned with Clemente’s humanitarian spirit.
Additionally, the involvement of various committees and entities in decision-making regarding the coin's design may lead to bureaucratic delays, diminishing the bill’s effectiveness within the stipulated timeframe. This complexity might cause inefficiencies that could inhibit prompt execution and delivery of expected benefits.
Overall, the bill, by focusing on the commemoration of Roberto Clemente’s legacy, strives to honor a remarkable individual, though it needs tighter controls and assurances to address potential issues, ensuring broad and positive impact while minimizing stakeholder concerns.
Financial Assessment
The bill titled "Roberto Clemente Commemorative Coin Act" outlines a financial plan to mint and sell special commemorative coins in honor of Roberto Clemente, a notable baseball player and humanitarian. The bill specifies the types and quantities of coins to be produced, along with their denominations and materials.
Financial Summary
Coin Specifications and Legal Tender
The bill mandates the creation of up to 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins. These coins will be legal tender, allowing them to be used in financial transactions within the United States. By specifying the exact composition and dimensions of each coin, the bill ensures compliance with existing legal standards for minting.
Surcharges and Financial Distribution
Every coin sale will include a surcharge of $35 for each $5 coin, $10 for each $1 coin, and $5 for each half-dollar coin. These surcharges are designated to be allocated exclusively to the Roberto Clemente Foundation, which plans to use these funds to cover general expenses for educational programs, youth sports, and disaster relief initiatives.
Relationship to Identified Issues
Exclusive Allocation of Funds
The allocation of all surcharge proceeds exclusively to the Roberto Clemente Foundation raises concerns about potential favoritism. This issue relates to the ethical distribution of funds derived from public resources, as mentioned in Section 7. The broad designation of funds for general expenses without detailed guidelines could further exacerbate this concern, risking financial accountability and transparency.
Financial Accountability and Costs
While the bill ensures that the United States Government incurs no net financial cost, there is a lack of explicit detail on how these assurances will be realized. Section 8 requires that total costs be recovered before surcharges are distributed, but the mechanisms to achieve this remain undefined, leading to potential oversight and compliance challenges.
Limited Issuance Period
Coins must be issued only in the calendar year 2027, potentially constraining sales and financial gains if demand extends beyond this time frame. This limitation could result in unrealized revenue opportunities, as identified in Section 5. Clarity and planning regarding this production timeline are essential for maximizing financial returns.
Discounts and Sales Practices
The terms "reasonable discount" for bulk sales and prepaid orders are not clearly defined within the bill, creating potential inconsistencies in pricing strategies. This ambiguity may lead to perceptions of favoritism or unfair practices, as referenced in Section 6. More explicit criteria for these sales terms could alleviate such concerns.
In conclusion, the bill's financial allocations and stipulations provide a framework for honoring Roberto Clemente while contributing proceeds to a related foundation. Nevertheless, the highlighted issues necessitate careful consideration and resolution to ensure ethical, transparent, and financially sound execution.
Issues
The allocation of all surcharges from the coin sales exclusively to the Roberto Clemente Foundation, as mentioned in Section 7, could suggest favoritism or a lack of distribution equity. This might raise ethical concerns about competitive allocation and benefit distribution.
Section 4 highlights potential complications in the coin design process due to the involvement of multiple entities such as the Secretary, the Roberto Clemente Foundation, family members, and advisory committees. This could lead to complex decision-making and possible delays.
The absence of explicit budgetary considerations and the costs associated with coin design and minting in Section 4 might lead to financial oversight issues, raising concerns about financial planning and accountability.
There is a lack of clarity in Section 8 on the measures the Secretary will use to ensure there is 'no net cost to the United States Government.' This could lead to varying interpretations and affect financial compliance.
In Section 5, there is a potential revenue loss because of the limitation that coins must be issued only during the calendar year of 2027. This time constraint might restrict financial gains if demand extends beyond this period.
The specification that the funds are to be used for 'general expenses' of the Roberto Clemente Foundation as mentioned in Section 7(b) is broad. Lack of specific guidelines might lead to potential misuse or lack of financial accountability.
Section 6 does not clearly define terms such as 'reasonable discount' for bulk sales and prepaid orders, leading to potential favoritism and inconsistency in sale practices.
The unresolved details about the number of coins to be issued, their denominations, or target audiences in Section 5 could cause ambiguity in production and distribution planning.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the bill states that the official short title for the legislation is the “Roberto Clemente Commemorative Coin Act”.
2. Findings Read Opens in new tab
Summary AI
Congress highlights the life and achievements of Roberto Clemente Walker, emphasizing his contributions as a distinguished Puerto Rican baseball player, his acts of confronting racial discrimination, his humanitarian efforts, and his enduring legacy which includes the annual Roberto Clemente Award and a dedicated day in his honor.
3. Coin specifications Read Opens in new tab
Summary AI
The bill section outlines the specifications for minting three types of coins: $5 gold coins with at least 90% gold, $1 silver coins with at least 90% silver, and half-dollar clad coins made to specific standards. These coins will be legal tender and considered numismatic items.
Money References
- (a) Denominations.—The Secretary of the Treasury (hereafter in this Act referred to as the “Secretary”) shall mint and issue the following coin: (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.
4. Design of coins Read Opens in new tab
Summary AI
The proposed bill section outlines the design requirements for commemorative coins honoring Roberto Clemente. These coins must feature his image and include inscriptions for his name, the coin's denomination, the year 2027, and phrases like "Liberty" and "In God We Trust." The coin designs will be chosen by the Secretary with input from the Roberto Clemente Foundation, his family, and the Commission of Fine Arts, and they will also be reviewed by the Citizens Coinage Advisory Committee.
5. Issuance of coins Read Opens in new tab
Summary AI
Coins minted under this Act will be made available in two types: uncirculated and proof. The Secretary is allowed to issue these coins only during the year 2027.
6. Sale of coins Read Opens in new tab
Summary AI
The section outlines that coins will be sold by the Secretary at a price including their face value, a surcharge, and production costs. Bulk purchases and prepaid orders will be available at a reasonable discount.
7. Surcharges Read Opens in new tab
Summary AI
The bill section outlines that a surcharge will be added to the sale of coins issued under the Act, with specific amounts for different coins: $35 for a $5 coin, $10 for a $1 coin, and $5 for a half-dollar coin. The money collected from these surcharges will go to the Roberto Clemente Foundation for various expenses like education and disaster relief, and the foundation will be audited to ensure proper use of funds. Additionally, there is a limit to the number of commemorative coin programs that can be released in a year, and no surcharge will be added if this limit is exceeded.
Money References
- (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; and (3) $5 per coin for the half-dollar coin.
8. Financial assurances Read Opens in new tab
Summary AI
The section requires the Secretary to ensure that minting and issuing coins won't cost the U.S. Government any money and that no funds are given out until all costs related to the coin production are covered.