The Common Cents Act aims to eliminate the production of the penny and requires cash transactions to be rounded to the nearest five cents. The Department of the Treasury will stop making pennies, except for collectors, but they will still be accepted as legal tender. Businesses and employers must round cash payments accordingly. The law will take effect one year after it is passed.
Supporters of the Common Cents Act argue that eliminating the penny will streamline cash transactions, reduce costs for businesses, and make payments more efficient. Many view it as a step toward modernizing currency and addressing the practical issues associated with using pennies, which are often seen as a nuisance.
Critics of the Common Cents Act express concerns that rounding cash transactions could lead to higher prices for consumers, particularly affecting low-income individuals. Some argue that the penny still holds sentimental value and is important for certain transactions, while others worry about potential confusion in pricing.
All donations are from employees of Applied Materials, Inc., indicating a potential conflict of interest if the bill benefits this company.
Top industries and organizations funding Lisa McClain, from FEC data.
Source: FEC campaign finance records
