Overview of the Bill

House Bill 916, known as the "Rosa Parks Commemorative Coin Act," proposes that the Secretary of the Treasury creates commemorative coins to honor Rosa Parks, a prominent figure in the American Civil Rights Movement. The bill outlines the specifications for $5 gold coins, $1 silver coins, and half-dollar clad coins. They will be released in 2029, featuring designs that celebrate Parks' legacy. The sales of these coins will include surcharges whose proceeds are designated for the Rosa and Raymond Parks Institute for Self Development.

Summary of Significant Issues

Several concerns emerge from the bill, particularly regarding financial details and procedural clarity:

1. Unspecified Costs: The bill lacks detailed information on the costs of minting and distributing the coins, which could lead to unanticipated financial burdens on the government.

2. Surcharge Allocation: While the bill specifies that surcharges from coin sales will go to a particular organization, namely the Rosa and Raymond Parks Institute, questions arise about the fairness of this exclusive allocation, as other beneficiaries might be worthy of consideration.

3. Clarity on Cost Recovery: Although the bill requires that all costs be recouped by the Treasury before funds are distributed, it does not provide a clear process or timeline for this recovery, potentially causing delays or confusion.

4. Pricing Structure: The method for determining the coins' sales prices, factoring in face value, production costs, and surcharges, is not clearly defined, which could lead to misunderstandings about the actual costs to consumers.

5. Consultation on Design: The process for selecting the coin designs involves limited consultation, which may not thoroughly represent public interest or input from a wider range of stakeholders.

Potential Impact on the Public

The production of commemorative coins can serve as a cultural and educational tool, highlighting the contributions of Rosa Parks to American history and civil rights. By raising awareness and serving as a tangible homage to her legacy, the coins can inspire discussions on social justice issues.

However, financial transparency and accountability are essential to assure the public that the proceeds from these coins are being used effectively and equitably. Without clear cost analyses and detailed allocation of revenues, there is a risk of losing public trust in government spending.

Impact on Specific Stakeholders

The Rosa and Raymond Parks Institute for Self Development stands to benefit significantly from the proceeds. The exclusive designation of surcharges to this organization underscores its important role in continuing Parks' mission. However, this arrangement might be perceived as favoritism unless it's clear why this specific allocation is most beneficial over a more competitive or inclusive process.

For the government and taxpayers, ensuring the project remains cost-neutral is crucial. Without strict oversight and explicit processes, there is a threat of the initiative drifting into unplanned expenses or mismanagement of funds.

For collectors and the broader public, the coins present an opportunity to engage with a piece of history and potentially support educational and social programs connected to civil rights. Ensuring the coins are accessible and priced reasonably can maximize public engagement and educational impact.

In conclusion, while the bill aims to honor a vital historical figure, it must address specific logistical and financial ambiguities to assure a fair and transparent execution that benefits all intended stakeholders.

The proposed legislation, H. R. 916, involves the minting of commemorative coins to honor Rosa Parks. This bill has several financial references and implications that warrant careful examination.

Financial Overview

The bill authorizes the minting and sale of commemorative coins in three denominations: $5 gold coins (limited to 50,000), $1 silver coins (limited to 400,000), and half-dollar clad coins (limited to 750,000). These coins are designed to be legal tender and will be categorized as numismatic items, catering primarily to collectors and enthusiasts.

Costs and Coverage

A significant provision in the bill states that the coin program should generate no net cost to the U.S. government. This means the production and distribution expenses must be recuperated through the sale of the coins. The costs include labor, materials, dies, overhead, marketing, and shipping. However, the bill does not specify the initial costs or a detailed plan for covering these expenses, leading to potential uncertainties regarding unchecked spending.

Surcharge and Revenue Distribution

Each coin sale includes a surcharge: $35 for the $5 coins, $10 for the $1 coins, and $5 for the half-dollar coins. The revenue from these surcharges is earmarked exclusively for the Rosa and Raymond Parks Institute for Self Development. This allocation supports the organization's mission in youth development and civil rights education.

However, this exclusive allocation might raise concerns about favoritism, as there is no mention of a competitive process to select potential beneficiaries. Additionally, while surcharges are intended to support specific purposes, the bill does not explicitly define how these funds should be used within the beneficiary organization, potentially raising transparency concerns.

Sales and Pricing Concerns

The sale price for the coins is determined by the sum of their face value, the surcharge, and production costs. Yet the method for calculating these costs remains unclear, potentially leading to ambiguities in pricing. Discounts for bulk sales and prepaid orders are mentioned, described only as "reasonable," which could lead to varied interpretations and potential disputes.

Implementation and Transparency

The bill implies a need for cost recovery by the U.S. Treasury before distributing funds to any beneficiary. Still, it lacks a clear timeline or process, which might result in delays or misinterpretations of how quickly funds can be allocated. Likewise, reliance on the Secretary of the Treasury to issue guidance on certain restrictions opens possibilities for inconsistencies and delays due to undefined parameters.

In summary, H. R. 916 presents several financial challenges primarily related to cost transparency, revenue allocation, and implementation specifics, which could benefit from clearer definitions and additional stakeholder input to enhance the bill's effectiveness and accountability.