"The LA28 Olympic and Paralympic Games Commemorative Coin Act" has been proposed that would direct the United States Treasury Department to mint and issue four types of coins in celebration of the Games.

Mitt Romney, who led the Salt Lake 2022 Winter Olympic Organising Committee, joined fellow US Senators Alex Padilla and Dianne Feinstein in supporting the cross-party legislation led by Congressman Brad Sherman.

The coins would be minted at no cost to the Government and would be used to aid the delivery of the Games and support the Los Angeles 2028 legacy programmes.

"The Olympics showcase the greatness of the human spirit, and it was one of the greatest honours of my life to organise the 2002 Salt Lake Games," said Romney.

"I’m pleased to join Senator Padilla in reintroducing this legislation, which will direct the Treasury to mint coins in commemoration of the upcoming Los Angeles 2028 Olympic and Paralympic Games - without costing the federal Government a dollar."

Feinstein added: "As Los Angeles prepares to welcome the world in 2028, the sale of commemorative coins will support those preparations and promote youth sports to encourage the next generation of Olympic athletes."

Under the plan, 100,000 commemorative $5 (£4/€4.50) gold coins would be created as well as $1 (£0.80/€0.90) silver coins and 300,000 $0.50 (£0.40/€0.45) clad coins.

Each gold coin is expected to weigh 8.359 grams, with a diameter of 2.159 centimetres and contain no less than 90 percent gold.

"While the eyes of the world will be on the Olympic and Paralympic Games in Los Angeles exactly five years from today, the preparation for this grand event is already underway," said Padilla.

"That’s why I’m proud to reintroduce legislation to help ensure the 2028 Games has the resources to be a world-class event."

Sherman added: "As a senior member of the House Financial Services Committee, which has jurisdiction over this legislation, I’m honoured that Los Angeles will be entrusted with the responsibility of hosting the Olympic and Paralympic Games, and I look forward to Congress moving quickly to advance this important bill to commemorate such an exciting and meaningful event."

Michelle Schwartz, chief external affairs officer for Los Angeles 2028, hailed the "leadership" of Padilla and Romney in supporting the commemorative coin programme.