Monica De La Cruz

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Mr. Speaker, I rise today in support of Republican Conference Chairwoman McClain's Common Cents Act. Rather than spending more money producing a coin than the coin itself is worth, this straightforward, commonsense bill ensures that Congress is a good steward of taxpayers' dollars by providing long-term fiscally responsible solutions. Mr. Speaker, let's look at the numbers. According to an audit of the United States Mint, it costs $3.69 to make a 1-cent penny. In fact, for 19 consecutive years, the U.S. Government has spent more than one penny to make one penny. In 2024 alone, taxpayers lost more than $85 million producing pennies. Chairwoman McClain's bill eliminates that wasteful spending by codifying President Trump's directive to the Mint to stop producing new pennies for circulation. However, we also need to make sure we are not solving one problem by creating another. If we stop making pennies, then Americans are likely to use more nickels, and at nearly 14 cents to produce nickels, they aren't exactly a bargain either. That is why this bill gives the Treasury Secretary the flexibility to move a lower-cost composite for the nickel, again, saving taxpayers money. The bill also provides a clear uniform standard for rounding cash transactions to the nearest nickel when exact change isn't available, ensuring our small businesses have the certainty they need. Importantly, the bill keeps Congress informed by requiring Treasury to notify the House and Senate and explain their reasoning before discontinuing any additional circulating coins. This is very simple. The Federal Government should not spend more money to make something than it is worth itself. We should look for savings where we can, modernize outdated practices, and ensure businesses and consumers have certainty at the register. Mr. Speaker, this is what responsible stewardship of taxpayer dollars looks like. Mr. Speaker, I urge my colleagues to support Chairwoman McClain's bipartisan Common Cents Act, and I reserve the balance of my time.