Federal Reserve Bank Of Richmond

$1 Billion That Nobody Wants

Politicians in Washington hardly let a few minutes go by without mentioning how broke the government is. So, it's a little surprising that they've created a stash of more than $1 billion that almost no one wants.

Unused one-dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.

And even though the neglected mountain of money recently grew past the one billion mark, the U.S. Mint will keep making more and more of the coins under a Congressional mandate.

The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year.

A joint inquiry by NPR's Planet Money and Investigations teams found that the coins are the wasteful byproducts of a third, failed Congressional effort to get Americans to use one-dollar coins in everyday commerce.

In 2005, Congress decided that a new series of dollar coins should be minted to engage the public. These coins would bear the likeness of every former president, starting with George Washington. There would be a new one every quarter. So, far, the Mint has produced coins through the 18th president, Ulysses S. Grant.

Members of Congress reasoned that a coin series that changed frequently and had educational appeal would make dollar coins more popular. The idea came from the successful program that put each of the 50 states on the backs of quarters.

But as the new presidential dollar coins rolled out, the greenback lost none of its dominance in Americans' hearts and wallets.

If the mandate to make presidential coins wasn't enough to generate a growing heap of unwanted coins, a political deal ensured that even more unwanted coins would be produced.

It was easier for the bill's sponsor, then-Rep. Mike Castle (R-DE), to move the presidential coin bill forward if it didn't displace other dollar coins honoring Sacagawea, the teenage Native American guide to Lewis and Clark.

The deal: The mint would be required to make a quota of Sacagawea coins. Currently, the law says 20 percent of dollar coins made must have Sacagawea on them.

So, there are now about 1.2 billion dollar-coin "assets" chilling in Federal Reserve vaults, unloved and bearing no interest. By the time the presidential coin series finishes, and there are coins honoring all past presidents, there could be 2 billion.

Gay Pride Flag Flies at Federal Reserve Bank of Virginia ...

President Obama had signed a proclamation on Tuesday that federally recognizes June as lesbian, gay, bisexual and transgender month. A spokesperson for the private financial institution said the appearance of the flag is not related to the statement the president made, but it does have to do with the month.

“We strongly support a diverse and inclusive culture at the Richmond Fed and have learned that it is important to value and embrace differences, both seen and unseen,” said Sally Green, chief operating officer at the Federal Reserve Bank of Richmond, as reported on Richmond.com.

“We are flying the ‘Pride’ flag as an example of our commitment to the values of acceptance and inclusion,” Green added.

PRISM, an employee LGBT group at the Richmond bank, requested the flag be flown the entire month of June.

The Family Foundation, whose mission statement is to strengthen families in Virginia by applying founding principles and faith to policy and culture, recently moved into a building within eyeshot of the Federal Reserve Bank of Virginia. The foundation weighed in on this issue in its blog.

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“In Virginia, the people spoke on this matter when we passed the Constitutional Amendment defining marriage as a union between one man and one woman for our Commonwealth,” a recent post says. “In fact, 31 other states have made this declaration in their Constitutions. Despite polls that indicate more acceptance of same-sex marriage, when the issue goes to the ballot box, traditional marriage wins.”

The post continued, “Unfortunately, given the recent decision of the President and United States Attorney General Eric Holder to choose not to defend the federal DOMA (Defense of Marriage Act) statute, the opinions on matters of ‘equality’ by the people of this nation will be subjugated to the opinion of this President. Thankfully, employees of the Federal Reserve have already begun launching complaints.”

The Mississippi -based American Family Association received a complaint from a Federal Reserve employee who objects to the flag and what it represents.

In an email to AFA, the employee wrote, “For the past five or six years, the homosexual agenda has been pushed down our throats. [The bank president and vice president] have initiated this agenda. This offends me as a Christian.

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