No New Cents Yet
May 07, 2008
Copper-coated steel cents may be in our future, but not yet. A legislative tussle between the Congress and the administration branch of government continues.
The House of Representatives failed to pass a bill overnight that would have authorized the new composition. It could pass later, or it could be permanently stalled.
The underlying issue is who has the authority to change coinage compositions. The Constitution says Congress does. The Treasury says the Congress can delegate it to the Treasury secretary.
So rather than have a simple piece of legislation calling for copper-coated steel cents that all parties seem to have agreed on or at least acquiesced in, the legislation pushes powers buttons that arrays all party political forces into confrontation.
The result so far for those of us who simply are on the outside looking in is abolutely nothing.
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