The House today passed by voice vote bipartisan legislation to implement the phaseout of the penny by providing a framework for cash rounding when exact change cannot be provided.
President Trump last year directed the Treasury Department to stop producing pennies, noting that each penny costs more to make than it is worth. The Common Cents Act [H.R. 3074] by Reps. Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.) officially orders the Treasury to cease penny production and requires cash transactions to be rounded up or down to the nearest five cents while clarifying that checks, credit cards and other noncash payment methods are not subject to rounding. The American Bankers Association supports the bill.
The legislation now heads to the Senate.
