Common Cents Act clears House

The House of Representatives today voted to pass bipartisan legislation to implement the phase-out of pennies by providing a framework for rounding cash when exact change cannot be provided.

Last year, President Trump ordered the Treasury Department to stop producing pennies, noting that each penny costs more than it’s worth. Law on Common Cents (HR 3074) by Reps. Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.) formally orders the Treasury Department to cease production of pennies and require cash transactions to be rounded up or down to the nearest five cents while clarifying that checks, credit cards and other non-cash payment methods are not subject to rounding. American Bankers Association supports the bill.

The bill now goes to the Senate.