Bill > S1525

This bill, known as the Common Cents Act, proposes to stop the production of one-cent coins (pennies) for general circulation, though they may still be sold as collector's items, and it mandates that cash transactions be rounded to the nearest 5 cents. Specifically, amounts ending in 1, 2, 6, or 7 cents would be rounded down, while amounts ending in 3, 4, 8, or 9 cents would be rounded up, with very small transactions of $0.01 or $0.02 rounded up to $0.05. The bill also allows employers to round cash payments to employees up to the nearest 5 cents, and it clarifies that these rounding rules do not apply to electronic payments, checks, or credit card transactions. Furthermore, the bill requires the Federal Reserve to develop a plan and report on managing the transition away from pennies, including assessing potential impacts on vulnerable populations, and it outlines a process for discontinuing the minting of any coin for circulation, requiring notification and briefings to relevant congressional committees.