The Common Cents Act is a proposed law that aims to stop the production of pennies and change how cash transactions are handled. If passed, the U.S. Treasury would stop making pennies for general use within a year, though they could still produce them for collectors, as long as the sales cover the production costs. Existing pennies would remain valid for all payments. For cash transactions, the total amount would be rounded to the nearest five cents: amounts ending in 1, 2, 6, or 7 cents would be rounded down, while those ending in 3, 4, 8, or 9 cents would be rounded up. This rounding rule would not apply to non-cash payments like credit cards or electronic transfers. The changes would take effect one year after the law is enacted.
Supporters of the Common Cents Act argue that discontinuing the penny would save the government money, as producing pennies costs more than their face value. They also believe that rounding cash transactions to the nearest five cents would simplify cash handling for businesses and consumers, without significantly impacting prices.
Critics of the Common Cents Act express concerns that rounding cash transactions could lead to subtle price increases over time, disproportionately affecting consumers who rely on cash payments. They also worry about the sentimental value of the penny and its place in American culture, suggesting that its elimination could be met with public resistance.
The Common Cents Act, sponsored by Cynthia Lummis, does not exhibit direct industry overlaps with her top donor industries, which include Health Professionals and Retired individuals. With a total of $315 million from these sectors, there is no evident financial incentive that directly correlates with the bill's subject matter. The absence of PAC contributions further indicates that the financial backing is primarily from individual donors, which may reduce the likelihood of conflicts of interest arising from organized lobbying efforts. Voters should note that while the financial contributions are substantial, the lack of direct ties to the bill's content suggests a lower risk of undue influence.
Top industries funding Cynthia Lummis, ranked by total contributions.
Source: OpenSecrets.org (Center for Responsive Politics)
