Discussion · House of Representatives
Lisa C. McClain Republican
“I want the House to pass this bill. It stops the government from making pennies. It costs four cents to make one penny, which wastes 85 million dollars a year. People can still use the pennies they already have.”
“Mr. Speaker, I thank Chairman Hill for his help on this. Mr. Speaker, I rise today in support of H.R. 3074, the Common Cents Act. This is a straightforward bill that accomplishes one commonsense goal. It stops the Federal Government from losing money on a coin that almost no one uses. Here is the problem: Every penny we mint costs the taxpayers nearly 4 cents. Think about that. We are spending 4 cents to make 1 cent. Last year alone, that absurd math cost the American taxpayers more than $85 million. I think we can be a better steward of the taxpayers’ money than that. As a businesswoman, I can assure you that no businessowner in my district or myself would ever spend four times as much to make $1. Yet, that is exactly how Washington has managed the penny year after year. Quite frankly, that does not make sense. The Common Cents Act fixes it. It directs the Treasury to stop minting the penny for general circulation, and quite frankly, that is it. It does not take away a single penny that somebody already owns. Every penny in your pocket, every penny in your piggy bank, and every penny in that jar on your counter stays as legal tender if it is unused. This is not a radical idea. President Trump called for it. It is his commonsense idea, and it should become law. I introduced this bill with Congressman Robert Garcia, and it cleared the Committee on Financial Services with strong bipartisan support. Republicans and Democrats don’t agree on much in this town, but we do agree on this: We shouldn’t be wasting $85 million a year to keep minting pennies. Not only do we agree, but, Mr. Speaker, I include in the Record letters of support from local industry leaders who also support this commonsense piece of legislation.”
Mr. Speaker, I thank Chairman Hill for his help on this. Mr. Speaker, I rise today in support of H.R. 3074, the Common Cents Act. This is a straightforward bill that accomplishes one commonsense goal. It stops the Federal Government from losing money on a coin that almost no one uses. Here is the problem: Every penny we mint costs the taxpayers nearly 4 cents. Think about that. We are spending 4 cents to make 1 cent. Last year alone, that absurd math cost the American taxpayers more than $85 million. I think we can be a better steward of the taxpayers’ money than that. As a businesswoman, I can assure you that no businessowner in my district or myself would ever spend four times as much to make $1. Yet, that is exactly how Washington has managed the penny year after year. Quite frankly, that does not make sense. The Common Cents Act fixes it. It directs the Treasury to stop minting the penny for general circulation, and quite frankly, that is it. It does not take away a single penny that somebody already owns. Every penny in your pocket, every penny in your piggy bank, and every penny in that jar on your counter stays as legal tender if it is unused. This is not a radical idea. President Trump called for it. It is his commonsense idea, and it should become law. I introduced this bill with Congressman Robert Garcia, and it cleared the Committee on Financial Services with strong bipartisan support. Republicans and Democrats don’t agree on much in this town, but we do agree on this: We shouldn’t be wasting $85 million a year to keep minting pennies. Not only do we agree, but, Mr. Speaker, I include in the Record letters of support from local industry leaders who also support this commonsense piece of legislation.