31 U.S.C. § 5134 — Numismatic Public Enterprise Fund

Page 417 TITLE 31—MONEY AND FINANCE § 5134 1 So in original. Probably should be capitalized. and the officer with the amount’’ and ‘‘superintendent or officer returns’’, respectively. Subsec. (a)(3). Pub. L. 100–274, § 2(c)(6), substituted ‘‘superintendent, who’’ for ‘‘superintendent and the of- ficer, who’’. Subsec. (b). Pub. L. 100–274, § 2(c)(7), inserted heading and amended subsec. (b) generally. Prior to amend- ment, subsec. (b) read as follows: ‘‘At least once a year, the Secretary shall settle the accounts of the super- intendents and the officer in charge. At settlement, each superintendent and the officer shall return to the Secretary coins, clippings, and other bullion in their possession with a statement of bullion received and re- turned since the last settlement (including bullion re- turned for settlement). The Secretary shall— ‘‘(1) audit the accounts and statements of each su- perintendent and the officer; ‘‘(2) allow each superintendent the waste of pre- cious metals, within limitations prescribed by the Secretary, that the Secretary decides is necessary for refining and minting; and ‘‘(3) allow the officer the waste, within the limita- tions prescribed for refining, that the Secretary de- cides is necessary in casting fine gold and silver bars, except that the waste allowance may not apply to de- posit operations.’’ Subsec. (c). Pub. L. 100–274, § 2(c)(9), struck out ‘‘and assay offices’’ after ‘‘total liabilities of the mints’’. Subsec. (d). Pub. L. 100–418 substituted ‘‘National In- stitute of Standards and Technology’’ for ‘‘National Bureau of Standards’’. Pub. L. 100–274, § 2(c)(10), struck out ‘‘and assay of- fice’’ after ‘‘procure for each mint’’ and ‘‘and assay of- fices’’ after ‘‘transactions at the mints’’. § 5134. Numismatic Public Enterprise Fund (a) DEFINITIONS.—For purposes of this sec- tion— (1) FUND.—The term ‘‘Fund’’ means the Nu- mismatic Public Enterprise Fund. (2) MINT.—The term ‘‘Mint’’ means the United States Mint. (3) NUMISMATIC ITEM.—The term ‘‘numis- matic item’’ means any medal, proof coin, un- circulated coin, bullion coin, or other coin spe- cifically designated by statute as a numis- matic item, including products and accessories related to any such medal, coin, or item. (4) NUMISMATIC OPERATIONS AND PROGRAMS.— The term ‘‘numismatic operations and pro- grams’’— (A) means the activities concerning, and assets utilized in, the production, adminis- tration, sale, and management of numis- matic items and the Numismatic Public En- terprise Fund; and (B) includes capital, personnel salaries, functions relating to operations, marketing, distribution, promotion, advertising, and of- ficial reception and representation, the ac- quisition or replacement of equipment, and the renovation or modernization of facilities (other than the construction or acquisition of new buildings). (5) SECRETARY.—The term ‘‘Secretary’’ means the Secretary of the Treasury. (b) ESTABLISHMENT OF FUND.—There is hereby established in the Treasury of the United States a revolving Numismatic Public Enterprise Fund consisting of amounts deposited in the fund 1 under subsection (c)(2) of this section or section 221(b) of the United States Mint Reauthorization and Reform Act of 1992 which shall be available to the Secretary for numismatic operations and programs of the United States Mint without fis- cal year limitation. (c) OPERATIONS OF THE FUND.— (1) PAYMENT OF EXPENSES.—Any expense in- curred by the Secretary for numismatic oper- ations and programs which the Secretary de- termines, in the Secretary’s sole discretion, to be ordinary and reasonable incidents of the numismatic business shall be paid out of the Fund, including any expense incurred pursu- ant to any obligation or other commitment of Mint numismatic operations and programs which was entered into before the beginning of fiscal year 1993. (2) DEPOSIT OF RECEIPTS.—All receipts from numismatic operations and programs shall be deposited into the Fund, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item. (3) TRANSFER OF SEIGNIORAGE.—The Sec- retary shall transfer monthly from the Fund to the general fund of the Treasury an amount equal to the total amount on the seigniorage of numismatic items sold since the date of any preceding transfer. (4) TRANSFER OF EXCESS AMOUNTS TO THE TREASURY.— (A) IN GENERAL.—At such times as the Sec- retary determines to be appropriate, the Secretary shall transfer any amount in the Fund which the Secretary determines to be in excess of the amount required by the Fund to the Treasury for deposit as mis- cellaneous receipts. (B) REPORT TO CONGRESS.—The Secretary shall submit an annual report to the Con- gress containing— (i) a statement of the total amount transferred to the Treasury pursuant to subparagraph (A) during the period cov- ered by the report; (ii) a statement of the amount by which the amount on deposit in the Fund at the end of the period covered by the report ex- ceeds the estimated operating costs of the Fund for the 1-year period beginning at the end of such period; and (iii) an explanation of the specific pur- poses for which such excess amounts are being retained in the Fund. (d) BUDGET TREATMENT.— (1) IN GENERAL.—The Secretary shall prepare budgets for the Fund, and estimates and state- ments of financial condition of the Fund in ac- cordance with the requirements of section 9103 which shall be submitted to the President for inclusion in the budget submitted under sec- tion 1105. (2) INCLUSION IN ANNUAL REPORT.—State- ments of the financial condition of the Fund shall be included in the Secretary’s annual re- port on the operation of the Mint. (3) TREATMENT AS WHOLLY OWNED GOVERN- MENT CORPORATION FOR CERTAIN PURPOSES.— Section 9104 shall apply to the Fund to the same extent such section applies to wholly owned Government corporations. (e) FINANCIAL STATEMENTS, AUDITS, AND RE- PORTS.— Page 418 TITLE 31—MONEY AND FINANCE § 5134 (1) ANNUAL FINANCIAL STATEMENT RE- QUIRED.—By the end of each calendar year, the Secretary shall prepare an annual financial statement of the Fund for the fiscal year which ends during such calendar year. (2) CONTENTS OF FINANCIAL STATEMENT.— Each statement prepared pursuant to para- graph (1) shall, at a minimum, contain— (A) the overall financial position (includ- ing assets and liabilities) of the Fund as of the end of the fiscal year; (B) the results of the numismatic oper- ations and programs of the Fund during the fiscal year; (C) the cash flows or the changes in finan- cial position of the Fund; (D) a reconciliation of the financial state- ment to the budget reports of the Fund; and (E) a supplemental schedule detailing— (i) the costs and expenses for the produc- tion, for the marketing, and for the dis- tribution of each denomination of circu- lating coins produced by the Mint during the fiscal year and the per-unit cost of pro- ducing, of marketing, and of distributing each denomination of such coins; and (ii) the gross revenue derived from the sales of each such denomination of coins. (3) ANNUAL AUDITS.— (A) IN GENERAL.—Each annual financial statement prepared under paragraph (1) shall be audited— (i) by— (I) an independent external auditor; or (II) the Inspector General of the De- partment of the Treasury, as designated by the Secretary; and (ii) in accordance with the generally ac- cepted Government auditing standards issued by the Comptroller General of the United States. (B) AUDITOR’S REPORT REQUIRED.—The auditor designated to audit any financial statement of the Fund pursuant to subpara- graph (A) shall submit a report— (i) to the Secretary by March 31 of the year beginning after the end of the fiscal year covered by such financial statement; and (ii) containing the auditor’s opinion on— (I) the financial statement of the Fund; (II) the internal accounting and admin- istrative controls and accounting sys- tems of the Fund; and (III) the Fund’s compliance with appli- cable laws and regulations. (4) ANNUAL REPORT ON FUND.— (A) REPORT REQUIRED.—By April 30 of each year, the Secretary shall submit a report on the Fund for the most recently completed fiscal year to the President, the Congress, and the Director of the Office of Manage- ment and Budget. (B) CONTENTS OF ANNUAL REPORT.—The an- nual report required under subparagraph (A) for any fiscal year shall include— (i) the financial statement prepared under paragraph (1) for such fiscal year; (ii) the audit report submitted to the Secretary pursuant to paragraph (3)(B) for such fiscal year; (iii) a description of activities carried out during such fiscal year; (iv) a summary of information relating to numismatic operations and programs contained in the reports on systems on in- ternal accounting and administrative con- trols and accounting systems submitted to the President and the Congress under sec- tion 3512(c); (v) a summary of the corrective actions taken with respect to material weaknesses relating to numismatic operations and programs identified in the reports pre- pared under section 3512(c); (vi) any other information the Secretary considers appropriate to fully inform the Congress concerning the financial manage- ment of the Fund; and (vii) a statement of the total amount of excess funds transferred to the Treasury. (5) MARKETING REPORT.— (A) REPORT REQUIRED FOR 10 YEARS.—For each fiscal year beginning before fiscal year 2003, the Secretary shall submit an annual report on all marketing activities and ex- penses of the Fund to the Congress before the end of the 3-month period beginning at the end of such fiscal year. (B) CONTENTS OF REPORT.—The report sub- mitted pursuant to subparagraph (A) shall contain a detailed description of— (i) the sources of income including sur- charges; and (ii) expenses incurred for manufacturing, materials, overhead, packaging, mar- keting, and shipping. (f) CONDITIONS ON PAYMENT OF SURCHARGES TO RECIPIENT ORGANIZATIONS.— (1) PAYMENT OF SURCHARGES.— (A) IN GENERAL.—Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund 1 to any designated recipi- ent organization unless— (i) all numismatic operation and pro- gram costs allocable to the program under which such numismatic item is produced and sold have been recovered; and (ii) the designated recipient organization submits an audited financial statement that demonstrates, to the satisfaction of the Secretary, that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organi- zation has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such nu- mismatic item. (B) UNPAID AMOUNTS.—If any amount de- rived from the proceeds of any surcharge im- posed on the sale of any numismatic item that may otherwise be paid from the fund,1 under any provision of law relating to such numismatic item, to any designated recipi- Page 419 TITLE 31—MONEY AND FINANCE § 5134 ent organization remains unpaid to such or- ganization solely by reason of the matching fund requirement contained in subparagraph (A)(ii) after the end of the 2-year period be- ginning on the later of— (i) the last day any such numismatic item is issued by the Secretary; or (ii) the date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003, such unpaid amount shall be deposited in the Treasury as miscellaneous receipts. (2) ANNUAL AUDITS.— (A) ANNUAL AUDITS OF RECIPIENTS RE- QUIRED.—Each designated recipient organi- zation that receives any payment from the fund 1 of any amount derived from the pro- ceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such amount, for an annual audit, in accordance with gen- erally accepted government auditing stand- ards by an independent public accountant selected by the organization, of all such pay- ments to the organization beginning in the first fiscal year of the organization in which any such amount is received and continuing until all amounts received by such organiza- tion from the fund 1 with respect to such sur- charges are fully expended or placed in trust. (B) MINIMUM REQUIREMENTS FOR ANNUAL AUDITS.—At a minimum, each audit of a des- ignated recipient organization pursuant to subparagraph (A) shall report— (i) the amount of payments received by the designated recipient organization from the fund 1 during the fiscal year of the or- ganization for which the audit is con- ducted that are derived from the proceeds of any surcharge imposed on the sale of any numismatic item; (ii) the amount expended by the des- ignated recipient organization from the proceeds of such surcharges during the fis- cal year of the organization for which the audit is conducted; and (iii) whether all expenditures by the des- ignated recipient organization during the fiscal year of the organization for which the audit is conducted from the proceeds of such surcharges were for authorized pur- poses. (C) RESPONSIBILITY OF ORGANIZATION TO AC- COUNT FOR EXPENDITURES OF SURCHARGES.— Each designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numis- matic item shall take appropriate steps, as a condition for receiving any such payment, to ensure that the receipt of the payment and the expenditure of the proceeds of such sur- charge by the organization in each fiscal year of the organization can be accounted for separately from all other revenues and expenditures of the organization. (D) SUBMISSION OF AUDIT REPORT.—Not later than 90 days after the end of any fiscal year of a designated recipient organization for which an audit is required under subpara- graph (A), the organization shall— (i) submit a copy of the report to the Secretary of the Treasury; and (ii) make a copy of the report available to the public. (E) USE OF SURCHARGES FOR AUDITS.—Any designated recipient organization that re- ceives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numis- matic item may use the amount received to pay the cost of an audit required under sub- paragraph (A). (F) WAIVER OF PARAGRAPH.—The Secretary of the Treasury may waive the application of any subparagraph of this paragraph to any designated recipient organization for any fiscal year after taking into account the amount of surcharges that such organization received or expended during such year. (G) NONAPPLICABILITY TO FEDERAL ENTI- TIES.—This paragraph shall not apply to any Federal agency or department or any inde- pendent establishment in the executive branch that receives any payment from the fund 1 of any amount derived from the pro- ceeds of any surcharge imposed on the sale of any numismatic item. (H) AVAILABILITY OF BOOKS AND RECORDS.— An organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall pro- vide, as a condition for receiving any such payment, to the Inspector General of the De- partment of the Treasury or the Comptroller General of the United States, upon the re- quest of such Inspector General or the Comp- troller General, all books, records, and work papers belonging to or used by the organiza- tion, or by any independent public account- ant who audited the organization in accord- ance with subparagraph (A), which may re- late to the receipt or expenditure of any such amount by the organization. (3) USE OF AGENTS OR ATTORNEYS TO INFLU- ENCE COMMEMORATIVE COIN LEGISLATION.—No portion of any payment from the fund 1 to any designated recipient organization of any amount derived from the proceeds of any sur- charge imposed on the sale of any numismatic item may be used, directly or indirectly, by the organization to compensate any agent or attorney for services rendered to support or influence in any way legislative action of the Congress relating to such numismatic item. (4) DESIGNATED RECIPIENT ORGANIZATION DE- FINED.—For purposes of this subsection, the term ‘‘designated recipient organization’’ means any organization designated, under any provision of law, as the recipient of any sur- charge imposed on the sale of any numismatic item. (g) QUARTERLY FINANCIAL REPORTS.— (1) IN GENERAL.—Not later than the 30th day of each month following each calendar quarter through and including the final period of sales with respect to any commemorative coin pro- gram authorized on or after the date of enact- Page 420 TITLE 31—MONEY AND FINANCE § 5134 ment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, the Mint shall submit to the Congress a quar- terly financial report in accordance with this subsection. (2) REQUIREMENTS.—Each report submitted under paragraph (1) shall include, with respect to the calendar quarter at issue— (A) a detailed financial statement, pre- pared in accordance with generally accepted accounting principles, that includes finan- cial information specific to that quarter, as well as cumulative financial information re- lating to the entire program; (B) a detailed accounting of— (i) all costs relating to marketing ef- forts; (ii) all funds projected for marketing use; (iii) all costs for employee travel relat- ing to the promotion of commemorative coin programs; (iv) all numismatic items minted, sold, not sold, and rejected during the produc- tion process; and (v) the costs of melting down all rejected and unsold products; (C) adequate market-based research for all commemorative coin programs; and (D) a description of the efforts of the Mint in keeping the sale price of numismatic items as low as practicable. (Added Pub. L. 102–390, title II, § 221(a), Oct. 6, 1992, 106 Stat. 1624; amended Pub. L. 104–208, div. A, title I, § 101(f) [title V, § 529(b)(1), (2), (c)], Sept. 30, 1996, 110 Stat. 3009–314, 3009–349, 3009–350, 3009–352; Pub. L. 106–445, § 3, Nov. 6, 2000, 114 Stat. 1931; Pub. L. 108–15, title I, § 103(d)(2), title II, § 201(a), Apr. 23, 2003, 117 Stat. 619.) Editorial Notes REFERENCES IN TEXT Section 221(b) of the United States Mint Reauthoriza- tion and Reform Act of 1992, referred to in subsec. (b), is section 221(b) of Pub. L. 102–390, which is set out below. The date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003, referred to in sub- sec. (f)(1)(B)(ii), is the date of enactment of Pub. L. 108–15, which was approved Apr. 23, 2003. The date of enactment of the Treasury, Postal Serv- ice, and General Government Appropriations Act, 1997, referred to in subsec. (g)(1), is the date of enactment of section 101(f) of title I of div. A of Pub. L. 104–208, which was approved Sept. 30, 1996. AMENDMENTS 2003—Subsec. (c)(4), (5). Pub. L. 108–15, § 103(d)(2), re- designated par. (5) as (4) and struck out heading and text of former par. (4). Text read as follows: ‘‘For pur- poses of paragraph (1), any expense incurred by the Sec- retary in connection with the Citizens Commemorative Coin Advisory Committee established under section 5135 shall be treated as an expense incurred for numis- matic operations and programs which is an ordinary and reasonable incident of the numismatic business.’’ Subsec. (f)(1). Pub. L. 108–15, § 201(a), amended heading and text of par. (1) generally. Prior to amendment, text read as follows: ‘‘Notwithstanding any other provision of law, no amount derived from the proceeds of any sur- charge imposed on the sale of any numismatic item shall be paid from the fund to any designated recipient organization unless— ‘‘(A) all numismatic operation and program costs allocable to the program under which such numis- matic item is produced and sold have been recovered; and ‘‘(B) the designated recipient organization submits an audited financial statement that demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the maximum amount the organization may receive from the pro- ceeds of such surcharge.’’ 2000—Subsec. (e)(2). Pub. L. 106–445, § 3(1), substituted ‘‘contain’’ for ‘‘reflect’’ in introductory provisions. Subsec. (e)(2)(E). Pub. L. 106–445, § 3(2)–(4), added sub- par. (E). 1996—Subsec. (c)(2). Pub. L. 104–208, § 101(f) [title V, § 529(b)(1)], inserted ‘‘, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item’’ before period at end. Subsec. (f). Pub. L. 104–208, § 101(f) [title V, § 529(b)(2)], added subsec. (f). Subsec. (g). Pub. L. 104–208, § 101(f) [title V, § 529(c)], added subsec. (g). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2003 AMENDMENT Pub. L. 108–15, title II, § 201(b), Apr. 23, 2003, 117 Stat. 620, provided that: ‘‘The amendment made by sub- section (a) [amending this section] shall apply as of the date of the enactment of Public Law 104–208 [Sept. 30, 1996].’’ EFFECTIVE DATE OF 1996 AMENDMENT Pub. L. 104–208, div. A, title I, § 101(f) [title V, § 529(b)(3)], Sept. 30, 1996, 110 Stat. 3009–314, 3009–352, pro- vided that: ‘‘The amendments made by this section [probably should be this subsection, amending this sec- tion] shall apply with respect to the proceeds of any surcharge imposed on the sale of any numismatic item that are deposited in the Numismatic Public Enterprise Fund after the date of the enactment of this Act [Sept. 30, 1996].’’ EFFECTIVE DATE Section applicable with respect to fiscal years begin- ning after fiscal year 1992, see section 221(e) of Pub. L. 102–390, set out as an Effective Date of 1992 Amendment note under section 5132 of this title. TERMINATION OF NUMISMATIC PUBLIC ENTERPRISE FUND All assets and liabilities of Numismatic Public Enter- prise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title. INITIAL FUNDING OF FUND FROM EXISTING NUMISMATIC OPERATIONS Pub. L. 102–390, title II, § 221(b), Oct. 6, 1992, 106 Stat. 1627, provided that: ‘‘(1) IN GENERAL.—As soon as practicable after the end of fiscal year 1992, the Secretary of the Treasury shall transfer to the Fund— ‘‘(A) from the Mint’s numismatic profits for such fiscal year, an amount which the Secretary deter- mines to be necessary— ‘‘(i) to meet existing numismatic liabilities and obligations; and ‘‘(ii) to provide working capital for Mint numis- matic operations and programs; and ‘‘(B) all numismatic receivables, and the numis- matic operations and programs (including liabilities Page 421 TITLE 31—MONEY AND FINANCE § 5135 and other obligations) of the United States Mint, and the land and buildings of the San Francisco Mint, the Old San Francisco Mint, and the West Point Mint, capitalized at current book value as carried in the Mint combined statement of financial condition. ‘‘(2) EXCESS AMOUNTS TO BE DEPOSITED IN THE GENERAL FUND.—That portion of the total amount of numismatic profits for fiscal year 1992 which remains after the transfer to the Fund pursuant to paragraph (1)(A) is made shall be deposited by the Secretary in the general fund of the Treasury as soon as practicable after the end of the fiscal year. ‘‘(3) DEFINITIONS.—For purposes of paragraphs (1) and (2)— ‘‘(A) NUMISMATIC PROFIT.—The term ‘numismatic profit’ means the amount which is equal to the pro- ceeds (including seigniorage) from the sale of numis- matic items minus the costs of numismatic oper- ations and programs. ‘‘(B) NUMISMATIC RECEIVABLE.—The term ‘numis- matic receivable’ means any account receivable from numismatic operations and programs, including chargebacks, returned checks, amounts due from spe- cial order sales, and amounts due from consignment sales. ‘‘(C) OTHER TERMS.—The terms ‘Fund’ and ‘numis- matic item’ have the meaning given to such terms in the amendment made by subsection (a) [enacting this section].’’ § 5135. Citizens Coinage Advisory Committee (a) ESTABLISHMENT.— (1) IN GENERAL.—There is hereby established the Citizens Coinage Advisory Committee (in this section referred to as the ‘‘Advisory Com- mittee’’) to advise the Secretary of the Treas- ury on the selection of themes and designs for coins. (2) OVERSIGHT OF ADVISORY COMMITTEE.—The Advisory Committee shall be subject to the authority of the Secretary of the Treasury (hereafter in this section referred to as the ‘‘Secretary’’). (b) MEMBERSHIP.— (1) APPOINTMENT.—The Advisory Committee shall consist of 11 members appointed by the Secretary as follows: (A) Seven persons appointed by the Sec- retary— (i) one of whom shall be appointed from among individuals who are specially quali- fied to serve on the Advisory Committee by virtue of their education, training, or experience as a nationally or internation- ally recognized curator in the United States of a numismatic collection; (ii) one of whom shall be appointed from among individuals who are specially quali- fied to serve on the Advisory Committee by virtue of their experience in the medallic arts or sculpture; (iii) one of whom shall be appointed from among individuals who are specially quali- fied to serve on the Advisory Committee by virtue of their education, training, or experience in American history; (iv) one of whom shall be appointed from among individuals who are specially quali- fied to serve on the Advisory Committee by virtue of their education, training, or experience in numismatics; and (v) three of whom shall be appointed from among individuals who can represent the interests of the general public in the coinage of the United States. (B) Four persons appointed by the Sec- retary on the basis of the recommendations of the following officials who shall make the selection for such recommendation from among citizens who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience: (i) One person recommended by the Speaker of the House of Representatives. (ii) One person recommended by the mi- nority leader of the House of Representa- tives. (iii) One person recommended by the ma- jority leader of the Senate. (iv) One person recommended by the mi- nority leader of the Senate. (2) TERMS.— (A) IN GENERAL.—Except as provided in subparagraph (B), members of the Advisory Committee shall be appointed for a term of 4 years. (B) TERMS OF INITIAL APPOINTEES.—As des- ignated by the Secretary at the time of ap- pointment, of the members first appointed— (i) four of the members appointed under paragraph (1)(A) shall be appointed for a term of 4 years; (ii) the four members appointed under paragraph (1)(B) shall be appointed for a term of 3 years; and (iii) three of the members appointed under paragraph (1)(A) shall be appointed for a term of 2 years. (3) PRESERVATION OF PUBLIC ADVISORY STA- TUS.—No individual may be appointed to the Advisory Committee while serving as an offi- cer or employee of the Federal Government. (4) CONTINUATION OF SERVICE.—Each ap- pointed member may continue to serve for up to 6 months after the expiration of the term of office to which such member was appointed until a successor has been appointed. (5) VACANCY AND REMOVAL.— (A) IN GENERAL.—Any vacancy on the Ad- visory Committee shall be filled in the man- ner in which the original appointment was made. (B) REMOVAL.—Advisory Committee mem- bers shall serve at the discretion of the Sec- retary and may be removed at any time for good cause. (6) CHAIRPERSON.—The Chairperson of the Advisory Committee shall be appointed for a term of 1 year by the Secretary from among the members of the Advisory Committee. (7) PAY AND EXPENSES.—Members of the Ad- visory Committee shall serve without pay for such service but each member of the Advisory Committee shall be reimbursed from the United States Mint Public Enterprise Fund for travel, lodging, meals, and incidental expenses incurred in connection with attendance of such members at meetings of the Advisory Committee in the same amounts and under the same conditions as employees of the United States Mint who engage in official travel, as determined by the Secretary.