House Republican Conference Chairwoman Lisa McClain announced that her legislation, the Common Cents Act, has moved forward with bipartisan support. The bill was passed out of the House Financial Services Committee.
The proposed legislation aims to reduce federal spending by eliminating the production of the penny. The cost to manufacture a penny is nearly four times its actual value.
Chairwoman McClain stated, “The Common Cents Act is about fiscal responsibility and good government. 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 — and Common Cents — to Washington.”
