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House panel advances bill to end penny production, lawmakers debate consumer impacts
Summary
Representative McLean called up HR 3,074, the Common Sense Act, asking the committee to give the Treasury flexibility to stop producing the 1¢ coin and to require cash transactions be rounded to the nearest 5¢. The committee adopted McLean’s substitute and later voted to report the bill to the House, 35–13.
Representative McLean called up HR 3,074, the Common Sense Act, asking the committee to give the Treasury flexibility to stop producing the 1¢ coin and to require cash transactions be rounded to the nearest 5¢. The committee adopted McLean’s amendment in the nature of a substitute as the base text and later voted to report the bill to the House, 35–13.
The bill’s chief sponsor, Representative McLean, said minting the 1¢ piece costs substantially more than its face value and argued retirement would save taxpayer dollars. “The United States mints an estimate…that it costs nearly 3¢ to produce just 1 penny,”…
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