To amend the Convention on Cultural Property Implementation Act to make certain technical corrections to facilitate the lawful trade and collecting of numismatic materials.
Impact
If enacted, HB 7865 would rectify existing limitations concerning the import of numismatic materials. This amendment would present a clearer framework for the criteria under which such materials can be introduced into the market, particularly by requiring satisfactory evidence of lawful acquisition. This change seeks to enhance the legitimacy of numismatic sales in the United States, potentially encouraging a thriving market for collected items while ensuring compliance with both national and international laws related to cultural property.
Summary
House Bill 7865 aims to amend the Convention on Cultural Property Implementation Act by making certain technical corrections that facilitate the lawful trade and collecting of numismatic materials, which include coins, tokens, paper money, and medals. The primary objective of this bill is to streamline the process by which collectors and dealers can import numismatic items, thereby regulating the legal acquisition of these materials and legally safeguarding the interests of collectors.
Contention
The central point of contention surrounding HB 7865 revolves around the balance between promoting lawful trade in numismatic materials and safeguarding cultural artifacts from illicit trafficking. Some stakeholders argue that while facilitating trade is essential, it is equally important to maintain strict oversight to prevent any potential exploitation of cultural heritage. Opponents may express concerns over the bill’s effectiveness in preventing the introduction of artifacts that could have been obtained through unethical or illegal means, emphasizing the need for robust verification processes.
To amend the Convention on Cultural Property Implementation Act to make certain technical corrections to facilitate the lawful trade and collecting of numismatic materials.
To require covered agencies to issue strategy and implementation plans for the transfer of credit, guarantee, and insurance risk to the private sector, to require the implementation of such plans, and for other purposes.