Zachary T. Space: “I would further like to extend my gratitude to Chairman Frank and Ranking Member Bachus for their work in advancing this…”

“I would further like to extend my gratitude to Chairman Frank and Ranking Member Bachus for their work in advancing this important piece of legislation that will, in fact, eliminate wasteful governmental spending, saving the taxpayers a billion dollars over the next 10 years. Right now, our government is needlessly throwing away money in the production of coins. Estimates, as have been indicated, suggest that we're spending 1.7 cents or more per penny produced in this country, as well as 9.5 cents per nickel. The content of a penny, as it exists now, is roughly 97 rac{1}{2} ext{ percent zinc, with the balance copper. The content of a nickel is roughly 25 percent nickel and 75 percent copper. And during the last 5 years, we've seen huge increases in the price of copper, nickel and zinc. As Subcommittee Chairman Gutierrez indicated, that is attributable to excess demand throughout the world on those metals, along with speculation in the market. This legislation is designed with an eye toward common sense to save, again, roughly $100 million per year over the next 10 years. Wasteful spending is especially egregious at a time when Americans are facing the pitfalls of an economic downturn.”