WASHINGTON - Republican lawmakers in Congress are forging ahead withPresident Donald Trump'splan to end the production of pennies, a move that couldpotentially cost jobsand affect the waybusinesses handlecash transactions. The House Financial Services Committee, whichoversees banking,insurance and other related matters, advanced a bill dubbed the "Common Cents Act"by a vote of 35-13on July 23. The bill would formalize Trump's February order directing theTreasury Department to halt pennyproduction, and round cash transactions to the nearest five cents. It was introduced by Rep. Lisa McClain, R-Michigan, Rep. Robert Garcia, D-California, Sen. Cynthia Lummis, R-Wyoming and Sen. Kirsten Gillibrand, D-New York, at the end of April. "TheCommon Cents Actis about fiscal responsibility and good government," McClain, the House Republican Conference chairwoman,said in a statement. "Taxpayers shouldn't be footing the bill to produce a coin that loses money every time it's made. It's time to modernize our currency policy and bring some common sense — andCommon Cents— to Washington." With House lawmakers out fortheir annual one monthsummer break, and the Senate soon to go on theirs, there won't be much action taken on the bill until after they return. Trump has previouslydeemed the one-cent coinsas "wasteful," arguing that it's pricey to produce them. A2024 annual reportfrom the United States Mint found that the cost of making a penny was 3.69 cents. Here's the latest on the push to end penny production. Republican Tennessee Rep. John Rose, who sits on the House Financial Services Committee, originally expressed concerns over the "Common Cents Act," but later supported the initiative. Tennessee is hometo the nation's solemanufacturer of penny blanks. Blanks are flat metal discs that eventually become coins, according to theU.S. Mint.Kevin Morrison, the mayor of Greene County, Tennessee, where the blanks are produced, hasargued that endingpenny production could cost individuals their jobs. In aHouse Financial Services Committeemarkup on July 23, Rose argued that eliminating the penny "without a well crafted plan" to phase out the one-cent coin won't accomplish the goal of "improving the cost and efficiency of US currency." "As it stands, there's been no time provided for states, retailers or consumers to prepare for a penniless economy," he said. "We need to do that responsibly and thoughtfully." However, Rose ultimately said he would vote in favor of the act, after getting reassurance from his colleague that his concerns would be addressed. The influential House Rules Committee, which sets terms for how a bill will be debated on, amended and voted on by members in the lower chamber, must take up the bill next. When the bill will go through the committee is still unclear, as House lawmakers have left Washington, D.C., for summer break. The bill does face an uphill battle in the Senate, however, as seven Democrats will need to join Republicans in breaking a 60-vote threshold and advancing it to a final vote (assuming all Republicans support the bill). Republicans have a 53-seat majority in the upper chamber. Gillibrand said in a statement that she's "optimistic this bill will be passed swiftly in the Senate." Lummis told USA TODAY that she looks "forward to continuing our partnership with Senator Gillibrand and the Trump Administration to move the Common Cents Act towards passage in the Senate." The government made its final order of penny blanks in May − the first step to end the production of the one-cent coin, a spokesperson for the Treasury Departmenttold USA TODAY that month. "The United States Mint will continue to manufacture pennies while an inventory of penny blanks exists," the spokesperson said at the time. It is unclear when the inventory will run out. However, the Louisville Courier Journalreported that theTreasury Department will phase out the production of pennies beginning in early 2026. Contributing: Melina Khan, USA TODAY This article originally appeared on USA TODAY:What to know about Trump's plan to halt the production of pennies
