Finance expert Mike Periu writes about the Government Accountability Office Says replacing the dollar bill with a dollar coin could save the government millions.
The Government Accountability Office (GAO), the audit, evaluation, and investigative arm of the United States Congress, has recently issued a recommendation to eliminate the dollar bill and replace it with a dollar coin. This would save the U.S. government about $147 million per year over 30 years. More importantly, many industries like mass transit and vending machine operators also favor this change as it would reduce costs and allow for faster, more streamlined payments. Given the frequency of use of dollar bills, using coins would add decades to the life of each dollar minted as a coin.
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
