From the National Grocers Association:
Earlier this year, the U.S. Mint ended production of the penny, a decision that has led to rapidly diminishing inventories of pennies across the Federal Reserve’s distribution network. As of mid-October, more than one-third of Federal Reserve vaults have suspended penny orders and deposits, leaving retailers across the country unable to make exact change for cash-paying customers.
From the Georgia Restaurant Association:
Main Street businesses are running out of pennies and urgently need new federal guidance for cash transactions, warned the National Restaurant Association and other business groups in the attached letter this week to Capitol Hill. While restaurants have seen most transactions shift from cash to plastic, the retirement of the penny could be problematic for restaurants and other merchants given that some state and local cash mandates provide contradicting guidance on rounding processes.
The Association is urging Congress to pass The Common Cents Act (S. 1525/H.R. 3074), which would provide clear and expedited guidelines and relief in order to be able to carry out cash transactions with customers.
Common Cents Act (S. 1525/H.R. 3074):
To direct the Secretary of the Treasury to stop minting the penny, to require cash transactions to be rounded up or down to the nearest 5 cents, and for other purposes.
Earlier this year, the U.S. Mint ended production of the penny, a decision that has led to rapidly diminishing inventories of pennies across the Federal Reserve’s distribution network. As of mid-October, more than one-third of Federal Reserve vaults have suspended penny orders and deposits, leaving retailers across the country unable to make exact change for cash-paying customers.
From the Georgia Restaurant Association:
Main Street businesses are running out of pennies and urgently need new federal guidance for cash transactions, warned the National Restaurant Association and other business groups in the attached letter this week to Capitol Hill. While restaurants have seen most transactions shift from cash to plastic, the retirement of the penny could be problematic for restaurants and other merchants given that some state and local cash mandates provide contradicting guidance on rounding processes.
The Association is urging Congress to pass The Common Cents Act (S. 1525/H.R. 3074), which would provide clear and expedited guidelines and relief in order to be able to carry out cash transactions with customers.
Common Cents Act (S. 1525/H.R. 3074):
To direct the Secretary of the Treasury to stop minting the penny, to require cash transactions to be rounded up or down to the nearest 5 cents, and for other purposes.
