The top Democrats on the Senate Banking and House Financial Services committees today urged federal officials to provide “immediate guidance” about the current penny shortage.
Earlier this year, President Trump directed the Treasury Department to stop producing pennies. The U.S. Mint produces coinage while the Federal Reserve distributes coins to banks and credit unions.
In a letter, House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) said neither the Treasury Department nor the Fed has provided guidance or formulated a plan to manage penny circulation to meet current and future demand.
“This sudden change in policy has created challenges for banks, retailers and consumers,” the lawmakers said, citing news reports and statements from the American Bankers Association and other organizations.
Waters and Warren asked the agencies to produce a plan by Dec. 12 to manage the removal of the penny from circulation. They are also seeking answers to several questions, such as whether the agencies sought comment from banks and others before ending penny production.
