NACS Asks Congress to Pass Common Cents Act

NACS, along with 15 other associations representing Main Street businesses, sent a letter to Congress this week urging it to quickly pass the bipartisan Common Cents Act (H.R. 3074) as amended when it comes to a vote on the House floor this week.

The letter stated:

“Since the U.S. Mint produced its last pennies over a year ago, businesses across the country have faced cascading impacts from the lack of pennies in circulation, operating under constant uncertainty about how to handle cash transactions when exact change is unavailable. All the potential options today create the risk of potential legal challenges and significant financial losses. 

As of this month, more than 15 states have enacted laws governing cash rounding. This is confusing to businesses and their customers. We need a clear standard from Congress allowing businesses to round cash transaction amounts and a safe harbor from liability in doing so fairly. The Common Cents Act as amended provides the exact solution Main Street businesses and their customers need. 

Businesses and their customers across the country deserve certainty and consistency in their everyday cash transactions and need this legislation to pass Congress as quickly as possible. As such, we urge you and your colleagues to vote yes on the Common Cents Act to ensure that we can continue to serve our customers without interruption.”

Earlier this year, the Federal Reserve Financial Services (FRFS) announced new actions “to better support the circulation of pennies for commercial activity.” The Federal Reserve said it would resume accepting pennies from banks and credit unions at commercial coin distribution locations, providing services under arrangements with the Federal Reserve that were previously suspended.

Resolving this issue is a top priority for NACS. Look for more updates as they become available.

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