Bill > HR3074

This bill, known as the "Common Cents Act," proposes to end the production of the one-cent coin (penny) for general circulation, though existing pennies will remain legal tender, and allows for the rounding of cash transactions to the nearest five cents. Specifically, it directs the Secretary of the Treasury to stop minting pennies, while also permitting cash payments to be rounded up or down to the nearest nickel (five cents) if exact change cannot be provided, with specific rules for rounding up or down based on the final digits of the total amount. The bill also outlines provisions for employers to round cash payments to employees up to the nearest five cents, and clarifies that these rounding rules do not apply to electronic payments or checks, nor do they require rounding if exact change is available or if a person prefers not to round. Furthermore, it mandates the Federal Reserve System to develop a strategic plan and submit reports on managing the transition away from penny production, including assessing its impact on coin distribution and vulnerable populations.