NDBA - North Dakota Bankers Association
07/15/2026 | Press release | Distributed by Public on 07/15/2026 11:43
Common Cents Act Clears House
The House has passed by voice vote bipartisan legislation to implement the phaseout of the penny by providing a framework for cash rounding when exact change cannot be provided.
President Trump last year directed the Treasury Department to stop producing pennies, noting that each penny costs more to make than it is worth. The Common Cents Act [H.R. 3074] by Reps. Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.) officially orders the Treasury to cease penny production and requires cash transactions to be rounded up or down to the nearest five cents while clarifying that checks, credit cards and other noncash payment methods are not subject to rounding.
President Trump last year directed the Treasury Department to stop producing pennies, noting that each penny costs more to make than it is worth. The Common Cents Act [H.R. 3074] by Reps. Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.) officially orders the Treasury to cease penny production and requires cash transactions to be rounded up or down to the nearest five cents while clarifying that checks, credit cards and other noncash payment methods are not subject to rounding.
NDBA - North Dakota Bankers Association published this content on July 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 15, 2026 at 17:43 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]