House of Representatives ·
Common Cents Act
“I want the House to pass this bill. It stops the government from making pennies, which cost more to make than they are worth and lost taxpayers over $85 million last year. It also lets the government make cheaper nickels and sets clear rules for rounding cash payments to the nearest nickel.”
“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.”
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.