Congress just changed how you pay in cash

Congress has passed legislation to end U.S. penny production, one of the few bipartisan accomplishments of a legislature that has now left Washington until after the Nov. 3 elections. The Senate approved the Common Cents Act on Monday, and the measure goes to President Donald Trump for his signature after clearing the House two weeks earlier. The Treasury Department had already halted penny production last year at Trump's direction, making its final batch in November, so the bill locks in that change. The U.S. Mint estimates the move will save $56 million a year. Making a penny cost 3.7 cents in 2024. More than 114 billion existing pennies stay legal tender, according to MS NOW.

The bill also creates a federal framework for rounding cash payments to the nearest nickel, replacing differing state rules, and lets the Treasury test cheaper materials for the nickel, which cost 13 cents to make in fiscal 2025. The Treasury must tell Congress before it tries to phase out another coin. Sponsors included Representatives Lisa McClain and Robert Garcia, and Senators Kirsten Gillibrand, Ron Wyden, Cynthia Lummis and James Lankford. MS NOW's columnist notes the savings are a tiny share of Pentagon spending.

Summarized by PolitiKool from MS NOW’s reporting. Read the full story at MS NOW →