Page:United States Statutes at Large Volume 116 Part 1.djvu/762

 116 STAT. 736 PUBLIC LAW 107-201—JULY 23, 2002 Public Law 107-201 107th Congress An Act July 23, 2002 To authorize the Secretary of the Treasury to purchase silver on the open market [S 2594] when the silver stockpile is depleted, to be used to mint coins. Be it enacted by the Senate and House of Representatives of Support of the United States of America in Congress assembled, American Eagle Silver BulHon SECTION 1. SHORT TITLE. sTuB^stoi This Act may be cited as the "Support of American Eagle note. Silver Bullion Program Act". 31 USC 5116 SEC. 2. FINDINGS. Congress finds that— (1) the American Eagle Silver Bullion coin leads the global market, and is the largest and most popular silver coin program in the United States; (2) established in 1986, the American Eagle Silver Bullion Program is the most successful silver bullion program in the world; (3) from fiscal year 1995 through fiscal year 2001, the American Eagle Silver Bullion Program generated— (A) revenues of $264,100,000; and (B) sufficient profits to significantly reduce the national debt; (4) with the depletion of silver reserves in the Defense Logistic Agency's Strategic and Critical Materials Stockpile, it is necessary for the Department of the Treasury to acquire silver from other sources in order to preserve the American Eagle Silver Bullion Program; (5) with the ability to obtain silver from other sources, the United States Mint can continue the highly successful American Eagle Silver Bullion Program, exercising sound business judgment and market acquisition practices in its approach to the silver market, resulting in continuing profitability of the program; (6) in 2001, silver was commercially produced in 12 States, including, Alaska, Arizona, California, Colorado, Idaho, Missouri, Montana, Nevada, New Mexico, South Dakota, Utah, and Washington; (7) Nevada is the largest silver producing State in the Nation, producing— (A) 17,500,000 ounces of silver in 2001; and (B) 34 percent of United States silver production in 2000; (8) the mining industry in Idaho is vital to the economy of the State, and the Silver Valley in northern Idaho leads

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