Published • loading... • Updated
Senate passes bill that could change nickels and how you pay with cash
The bill sets uniform cash-rounding rules and requires Treasury notice before any future currency phaseout, after the Mint ended penny production and saved $56 million.
- On Friday, the Senate passed the Common Cents Act unanimously, establishing a federal framework for cash-transaction rounding. The bill, passed via a hotline process, requires a second House vote due to an amendment by Massachusetts Sen. Elizabeth Warren.
- Operational hurdles following last year's penny discontinuation prompted this measure, as businesses navigated conflicting state-level rounding laws. The legislation aims to "eliminate confusion and ensure transparent cash transactions," said Michelle Korsmo, CEO of the National Restaurant Association.
- Under the bill, transactions ending in 1, 2, 6, or 7 cents round down, while 3, 4, 8, or 9 cents round up. This uniform approach supports restaurants operating on margins of 5% or less.
- Beyond rounding, the Treasury Department gains authority to test cheaper nickel compositions using zinc. Warren included an amendment mandating the Treasury notify Congress of any future currency changes and provide transition plans.
- This framework follows bipartisan efforts by lawmakers including Rep. Lisa McClain, Rep. Robert Garcia, Sen. Cynthia Lummis, and Sen. Kirsten Gillibrand. Supporters hope to move the legislation to President Donald Trump in September.
Insights by Ground AI
14 Articles
14 Articles
Common Cents Act Rewrites the Rules of Cash After the Penny’s Demise
Last Friday, the Senate passed the Common Cents Act. The bill would formally end penny production for general circulation. ... The post Common Cents Act Rewrites the Rules of Cash After the Penny’s Demise appeared first on The New American.
Coverage Details
Total News Sources14
Leaning Left0Leaning Right4Center10Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
C 71%
R 29%
Factuality
To view factuality data please Upgrade to Premium
