Senators Call Dollar Coin Pileup 'Troubling' : Planet Money Three Senators wrote to Ben Bernanke to learn more about problems with the dollar coin program.
NPR logo Senators Call Dollar Coin Pileup 'Troubling'

Senators Call Dollar Coin Pileup 'Troubling'

Rutherford B. Hayes
U.S. Mint

As we've been reporting, there are now more than a billion dollar coins sitting unused in government vaults, wasting hundreds of millions of taxpayer dollars.

Now, three Senators have written a letter asking Fed Chairmen Ben Bernanke and U.S. Mint Director Richard Peterson about the pileup. The letter calls the situation "troubling" and asks a bunch of detailed questions about how the law might be fixed. (Here's the full text of the letter.)

Senator Tim Johnson (D-SD), chair of the Senate Banking Committee, along with committee members Jack Reed (D-RI) and Jon Tester (D-MT) signed the letter.

The Fed is running out of space to store the coins. "In particular, the Reserve Banks will construct a new storage facility at the Federal Reserve Bank of Dallas, at a cost of approximately $650,000," the Fed said in a recent report to Congress.