The U.S. House of Representatives has passed the Common Cents Act (H.R. 3074), legislation that would establish a federal standard for rounding cash transactions if the penny is no longer in circulation.
The bill would create a consistent nationwide policy for rounding cash purchases to the nearest five cents, providing uniform rules for consumers and businesses. Electronic payments would not be affected under the proposal.
Supporters of the legislation say a standardized approach would help simplify cash transactions should penny production end while ensuring customers and businesses follow the same rounding practices across the country.
With House approval secured on July 14, the legislation now moves to the U.S. Senate for consideration. If the Senate also passes the bill, it would then be sent to the president for signature before becoming law.
The Common Cents Act is part of broader discussions about the future of the one-cent coin and efforts to reduce the costs associated with producing pennies while creating a clear and consistent framework for cash transactions.
