Congressman Adam Smith (WA – 09) made the following statement today after the Obama Administration and Deputy Secretary of the Treasury announced the U.S. Treasury will suspend future production of $1 coins:

“In August 2011, I introduced the Dollars and Sense Act (H.R. 2778) to reduce overproduction of $1 coins and eliminate the backlog of more than one billion excess coins sitting in Federal Reserve vaults.

“I’m pleased President Obama and his Administration have seen the waste in this program and have chosen to do something about it. This decision cuts costs and creates an opportunity to redirect taxpayers’ money in more efficient and meaningful ways.

“I applaud the President for taking an important step in addressing this issue. I look forward to working with the Administration and federal agencies to maximize the use of taxpayer dollars and reform programs that don’t effectively meet public needs or demand.”