Following up on the lobbying efforts by Crane & Company’s to maintain its business producing currency paper for the Bureau of Engraving and Printing to continue to print the $1 Federal Reserve Note, according to the public filing [PDF] by the Gephardt Group, Crane & Company spent $60,000 for these services.
According to the filing, the specific issue being lobbied for is “preservation of the dollar bill; S.1624, Currency Efficiency Act of 2011.” The Currency Efficiency Act of 2011 was introduced in the Senate by Massachusetts Senator Scott Brown (R) and co-sponsored by Senator John Kerry (D) on behalf of the Dalton, Massachusetts-based Crane & Company. No companion bill has been introduced in the House of Representatives.
The unique provision of S.1624 is that it declares the $1 coins being held in the Federal Reserve be declared as surplus. According to the bill, “Surpluses of $1 coins which can be most efficiently eliminated through destruction shall be deemed to consist of ‘obsolete and worn coins withdrawn from circulation’ under section 5120(a) of title 31, United States Code.”
It is uncertain what the impact of eliminating the $1 Federal Reserve Note will have on Crane and Company. I reached out to Crane and Company for comment and their spokesperson declined to comment.
Crane & Company, BEP, and the Federal Reserve continues to try to resolve a creasing issue discovered during the production of the new $100 Federal Reserve Note. The release of this note has been delayed twice before being delayed indefinitely. When contacted for comment, a BEP spokesperson referred the question to the Federal Reserve. A spokesperson for the Federal Reserve provided a standard response that included no additional information.