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Issue Date: Vol. 52, No. 12, December 2012, Posted On: 12/4/2012

Financial Services Committee Gives Dollar Coin Supporter Schweikert The Boot

Nick Montano
TAGS: David Schweikert, Mick Mulvaney, Jeb Hensarling, dollar coin, $1 coin, paper currency, vending, vending business, vending machine, vending machine business, payment systems, coin-op news, amusement business, American Amusement Machine Association, Financial Services Committee, COINS act

WASHINGTON -- The GOP leadership has removed Rep. David Schweikert from his seat on the Financial Services Committee for bucking the party line too often, according to Roll Call.

The congressman from Arizona has been the strongest supporter of dollar coins, and this year he has met several times with members of the American Amusement Machine Association. For more than a year, the AAMA has been campaigning to phase out dollar bills to promote greater use of high-denomination coinage.

In September 2011, Schweikert introduced the Currency Optimization, Innovation and National Savings Act, or COINS, which seeks to stop the printing of $1 banknotes and to replace them with $1 coins. | SEE STORY

Rep. Mick Mulvaney (R-SC), will join the Financial Services Committee, which will be headed in the 113th Congress by outgoing GOP conference chairman Jeb Hensarling (R-TX).

Last week, the Committee on Domestic Monetary Policy and Technology (a subcommittee of Financial Services) heard testimony about the tax-savings benefits of switching from dollar bills to dollar coins. | SEE STORY

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