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108th Congress                                            Rept. 108-473
                        HOUSE OF REPRESENTATIVES
 2d Session                                                      Part 1

======================================================================
 
                  JOHN MARSHALL COMMEMORATIVE COIN ACT

                                _______
                                

                 April 27, 2004.--Ordered to be printed

                                _______
                                

  Mr. Oxley, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                        [To accompany H.R. 2768]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 2768) to require the Secretary of the Treasury 
to mint coins in commemoration of Chief Justice John Marshall, 
having considered the same, report favorably thereon without 
amendment and recommend that the bill do pass.

                                CONTENTS

                                                                   Page
Purpose and Summary..............................................     1
Background and Need for Legislation..............................     2
Hearings.........................................................     2
Committee Consideration..........................................     2
Committee Votes..................................................     2
Committee Oversight Findings.....................................     3
Performance Goals and Objectives.................................     3
New Budget Authority, Entitlement Authority, and Tax Expenditures     3
Committee Cost Estimate..........................................     3
Congressional Budget Office Estimate.............................     3
Federal Mandates Statement.......................................     4
Advisory Committee Statement.....................................     4
Constitutional Authority Statement...............................     4
Applicability to Legislative Branch..............................     4
Section-by-Section Analysis of the Legislation...................     5

                          PURPOSE AND SUMMARY

    H.R. 2768, the John Marshall Commemorative Coin Act, 
directs the Secretary of the Treasury to strike and issue in 
2005 silver one-dollar coins with a design emblematic of Chief 
Justice John Marshall. Surcharge proceeds would go to the 
Supreme Court Historical Society.

                  BACKGROUND AND NEED FOR LEGISLATION

    H.R. 2768 authorizes the minting and sale of commemorative 
coins honoring Virginia native John Marshall, who served as 
Chief Justice of the Supreme Court for 34 years, from 1801 
through 1835. After serving General George Washington as an 
artillery captain during the Revolutionary War, he studied law, 
was elected a Member of Congress from Virginia and was 
Secretary of State when President John Adams named him Chief 
Justice.
    Chief Justice Marshall is widely regarded as the person who 
elevated the Court's status to one equal with the executive and 
legislative branches. In the Marbury v. Madison decision 
written two years after he became Chief Justice, Marshall laid 
the legal groundwork for modern-day Constitutional law and 
established the doctrine of judicial review.
    The Supreme Court Historical Society is a non-profit 
association dedicated to collecting and preserving the history 
of the Supreme Court and to providing public education on the 
history of the Constitution and the judiciary.
    Surcharge proceeds from the sales of the coins are to be 
paid to the Society--after it complies with audit procedures 
established in section 5134(f) of title 31, United States 
Code--to enable the Societyto support historical research and 
education programs about the Court and the Constitution and related 
topics; to support fellowship programs, internships and docents at the 
Court; and to collect and preserve antiques, artifacts and other 
historical items related to the Court and the Constitution.

                                HEARINGS

    The Subcommittee on Domestic and International Monetary 
Policy, Trade, and Technology held a hearing on March 10, 2004, 
on H.R. 2768, the John Marshall Commemorative Coin Act; H.R. 
2131, authorizing a Congressional Gold Medal for Spain's 
President Jose Maria Aznar; H.R. 1914, the Jamestown 400th 
Anniversary Commemorative Coin Act; and H.R. 3277, the Marine 
Corps 230th Anniversary Commemorative Coin Act. The following 
witnesses testified: The Honorable William H. Rehnquist, Chief 
Justice of the United States; The Honorable Richard L. 
Armitage, Deputy Secretary of State; The Honorable J. Steven 
Griles, Deputy Secretary of the Interior; and Gen. Carl E. 
Mundy Jr. USMC (Ret.).

                        COMMITTEE CONSIDERATION

    The Subcommittee on Domestic and International Monetary 
Policy, Trade, and Technology met in open session on March 10, 
2004 and approved H.R. 2768 for full Committee consideration.
    The Committee on Financial Services met in open session on 
March 17, 2004 and ordered H.R. 2768 reported to the House with 
a favorable recommendation by a voice vote, without amendment.

                            COMMITTEE VOTES

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. No 
record votes were taken in conjunction with the consideration 
of this legislation. A motion by Mr. Oxley to report the bill 
to the House with a favorable recommendation was agreed to by a 
voice vote.

                      COMMITTEE OVERSIGHT FINDINGS

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee held a hearing and made 
findings that are reflected in this report.

                    PERFORMANCE GOALS AND OBJECTIVES

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee establishes the 
following performance related goals and objectives for this 
legislation:
    The Secretary of the Treasury shall use the authority 
granted by this legislation to mint a commemorative coin 
emblematic of Chief Justice John Marshall and transfer the 
proceeds from the sale of those coins to the Supreme Court 
Historical Society.

   NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX EXPENDITURES

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee finds that this 
legislation would result in budget authority, entitlement 
authority, or tax expenditures or revenues consistent with the 
estimate provided by the Congressional Budget Office pursuant 
to section 402 of the Congressional Budget Act of 1974.

                        COMMITTEE COST ESTIMATE

    The Committee adopts as its own the cost estimate prepared 
by the Director of the Congressional Budget Office pursuant to 
section 402 of the Congressional Budget Act of 1974.

                  CONGRESSIONAL BUDGET OFFICE ESTIMATE

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:

                                     U.S. Congress,
                               Congressional Budget Office,
                                    Washington, DC, March 19, 2004.
Hon. Michael G. Oxley,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 2768, the John 
Marshall Commemorative Coin Act.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Matthew 
Pickford.
            Sincerely,
                                      Elizabeth M. Robinson
                               (For Douglas Holtz-Eakin, Director).
    Enclosure.

H.R. 2768--John Marshall Commemorative Coin Act

    H.R. 2768 would authorize the U.S. Mint to produce a $1 
silver coin in calendar year 2005 to commemorate the 250th 
anniversary of the birth of Chief Justice John Marshall. The 
legislation would specify a surcharge of $10 on the sale of 
each coin and would designate the Supreme Court Historical 
Society, a nonprofit entity, as the recipient of the income 
from the surcharge. CBO estimates that enacting H.R. 2768 would 
have no significant net impact on direct spending over the 
2005-2009 period.
    Sales from the coins that would be authorized by H.R. 2768 
could raise as much as $4 million in surcharges if the Mint 
sells the maximum number of authorized coins. However, the 
experience of recent commemorative coin sales suggests that 
receipts would be about $1.5 million. Under current law, the 
Mint must ensure that it does not lose money producing 
commemorative coins before transferring any surcharges to a 
recipient organization. CBO expects that those receipts from 
such surcharges would be transferred to the historical society 
in fiscal year 2006.
    H.R. 2768 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act and 
would not affect the budgets of state, local, or tribal 
governments.
    On November 24, 2003, CBO transmitted a cost estimate for 
S. 1531, the Chief Justice John Marshall Commemorative Coin 
Act, as passed by the Senate on November 21, 2003. The two 
pieces of legislation are similar, and our costs estimates are 
the same.
    The CBO staff contact for this estimate is Matthew 
Pickford. This estimate was approved by Peter H. Fontaine, 
Deputy Assistant Director for Budget Analysis.

                       FEDERAL MANDATES STATEMENT

    The Committee adopts as its own the estimate of Federal 
mandates prepared by the Director of the Congressional Budget 
Office pursuant to section 423 of the Unfunded Mandates Reform 
Act.

                      ADVISORY COMMITTEE STATEMENT

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                   CONSTITUTIONAL AUTHORITY STATEMENT

    Pursuant to clause 3(d)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee finds that the 
Constitutional Authority of Congress to enact this legislation 
is provided by Article 1, section 8, clause 1 (relating to the 
general welfare of the United States) and clause 5 (relating to 
the coinage of money).

                  APPLICABILITY TO LEGISLATIVE BRANCH

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of section 
102(b)(3) of the Congressional Accountability Act.

             SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title

    This section establishes the short title of the bill, the 
``John Marshall Commemorative Coin Act.''

Section 2. Findings

    This section provides certain congressional findings 
regarding the contributions to the Nation of the Honorable John 
Marshall, Chief Justice of the Supreme Court from 1801 through 
1835.

Section 3. Coin specifications

    This section establishes a maximum mintage level of 400,000 
$1 silver coins, and provides the specifications of the coins 
authorized to be minted.

Section 4. Design of coins

    This section establishes the design as emblematic of Chief 
Justice John Marshall and his contributions to the Constitution 
and the Supreme Court of the United States.

Section 5. Issuance of coins

    This section provides that the coins may only be issued in 
the year 2005.

Section 6. Sale of coins

    This section provides guidelines for the sale of the coins.

Section 7. Surcharges

    This section provides a surcharge of $10 on the sale of the 
coins, with proceeds of the surcharges to be paid to the 
Supreme Court Historical Society to further its works, after 
satisfying requirements in 31 U.S.C. 5134(f).