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House of Representatives

Common Cents Act

2026-07-14 Issue 114 Showing 1–7 of 7

Official Congressional Record ↗

J. French Hill

Republican

“I don't want the government to make pennies anymore. I want cash purchases to round to the nearest five cents.”

J. French Hill

Republican

“I want taxpayers to spend less on making pennies. I say this bill will save money.”

Official Congressional Record

Mr. Speaker, I include in the Record the CBO estimate for this legislation. EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF JULY 13, 2026 -------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------- H.R. 3074........................ Common Cents Act, as Increase by Less None............... ................... ........... https:// amended. Than $500K. docs.house.gov/ --------------------------------------------------------------------------------------------------------------------------------------------------------

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J. French Hill

Republican

“I want to stop making pennies. Pennies cost more than they are worth. I don't want to spend more taxpayer money on pennies. We should make nickels different and cheaper. Some people already round to the nearest nickel. I want a rule for how to round to nickels. I say this will save taxpayer money. I ask my colleagues to support this bill.”

Official Congressional Record

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today on the House floor in support of Republican Conference Chairwoman McClain's bill, the Common Cents Act. This is a simple, common ``cents'' bill aimed at saving taxpayer dollars and modernizing a part of our currency system that no longer makes economic sense. The numbers speak for themselves. According to an audit of the United States Mint, it costs $3.69 to make one penny. That is the 19th year in a row, Mr. Speaker, the government has spent more to make a penny than a penny is worth. Last year alone, taxpayers lost more than $85 million producing pennies. Chairwoman McClain's bill simply codifies President Trump's directive to the Mint to stop producing pennies. Of course, we have to be practical. If we are going to no longer make pennies, people are likely to use more nickels. The problem is that nickels aren't exactly a bargain either and the gentleman from Massachusetts knows it. They cost nearly 14 cents to produce, so we need to make sure we don't solve one problem by creating another one. That is why Mrs. McClain's bill also gives the U.S. Treasury Secretary the authority to move to a lower cost, zinc-based nickel to ensure that increased nickel demand is not mitigating the savings due to the elimination of the penny. The bill also addresses something retailers and consumers are already experiencing. With fewer pennies available, many cash transactions are rounded to the nearest nickel. H.R. 3074 provides a clear, uniform standard for how these transactions can be rounded, giving businesses certainty and ensuring everyone is playing by the same rules. This bill is about good stewardship of taxpayer dollars. It is about recognizing when government can do things more efficiently, making smart updates where they are needed, and saving money in the process. Mr. Speaker, I urge my colleagues to support H.R. 3074, and I reserve the balance of my time.

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Lisa C. McClain

Republican 2:50 p.m.

“I want taxpayers to stop spending so much money making pennies. Right now it costs 4 cents to make 1 cent. This wastes money. I want Congress to pass a law to stop wasting so much money on pennies. I want the government to be careful with the people's money. My bill says the government should stop making pennies for general circulation. But it won't take away any pennies people already have. This idea makes sense. Even President Trump wanted this to happen. I want this bill to pass. I'm glad other people agree with me.”

Official Congressional Record

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.

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J. French Hill

Republican 2:50 p.m.

“Let's talk about this bill. I want to let someone else talk.”

Frank D. Lucas

Republican 2:50 p.m.

“We should pass this bill. This bill will stop wasting taxpayer money to produce the penny. The government lost money for 19 years keeping the penny. The Mint will have flexibility to produce cheaper coins. This bill will not mandate price controls from the government. Many groups endorse this bill. The penny was important in the past. Now it is time to move forward.”

Official Congressional Record

Mr. Speaker, I appreciate those comments by the chairman. Mr. Speaker, I rise today in strong support of the Common Cents Act. This bill has been over a year in the making with my colleagues Mrs. McClain and Mr. Garcia from California, and I am proud of the product that we put forward today. The 1 cent piece, or the penny as it is commonly known, does indeed cost almost 4 cents to produce, and 2024 was the 19th consecutive year the U.S. Government lost money keeping the 1 cent piece in circulation. That is why this year, the President rightly ordered the Department of the Treasury to stop wasting hard-earned taxpayer money to produce the coin and why we are excited to move forward in codifying this action. The Common Cents Act also gives flexibility to the Mint to produce a nickel with cheaper materials. In 1866, Congress mandated the nickel be produced from an alloy of copper and nickel, and we haven't updated the composition since. This bill gives the Mint the flexibility to produce a cheaper coin, while retaining Congress' responsibility of coining money. Finally, the bill provides certainty for businesses in their cash transactions with customers without mandating price controls from the government. We are also proud to boast the endorsements of the National Retail Federation, the National Grocers Association, the United Steelworkers International Union, and the American Bankers Association, among many others. I must take one moment and note with the passing of the 1 cent piece, it is a coin that was mandated in the 1792 Mint Act, a coin that when it was originally produced in 1793 by the United States Mint in that very fledgling facility in Philadelphia, represented 1 cent of pure copper. Over time, with inflation and the changing consumer patterns, we went to the smaller 1-cent piece we now use in 1857. Now, all of this time later, the 1-cent piece has passed its prime and time. Yet, it was a coin that was important to commerce from the founding of the country. It was an important coin because every American at least had a few cents in their pocket, even in the toughest times, over the last 200 years. Now we move forward. Again, I thank my colleagues on both sides of the aisle on the Financial Services Committee for making these wise decisions in codifying it.

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J. French Hill

Republican 3:00 p.m.

“I want to cheer for this bill too. I hope consumers and businesses will be happy. You can keep using pennies if you want. I hope my colleagues vote yes.”

Official Congressional Record

Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, I thank the gentleman from Massachusetts and the minority for helping to make this a strong bipartisan bill to do something that is common sense, with no pun intended. In fact, for all of the good reasons that Mr. Lucas and Mrs. McClain outlined, this is the right decision at the right time for the American people. Mr. Speaker, I remind both the bankers across the country, the retailers, and all of the consumers out there that, as noted by Mr. Garcia, there are well over 100 billion pennies floating around out there in jars and drawers and cash registers across the country. You may still use those pennies until your heart is content. Mr. Speaker, I urge a ``yes'' vote on this bill, and I yield back the balance of my time.

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