WASHINGTON--The House passed bipartisan legislation addressing the end of penny production with a unanimous voice vote Tuesday, reported America’s Credit Unions, which noted it encouraged the chamber to pass the bill prior to the vote.
The Common Cents Act (H.R. 3704) would:
- Establish a national framework for cash transaction rounding
- Provide clarity regarding the treatment of federal, state, and Tribal laws on rounding
- Require the Federal Reserve Board to develop a strategic plan and periodic reporting on coin terminal operations and the stability of the nation's coin distribution system