Bill > HR10167

This bill directs the U.S. Department of the Treasury to stop producing new one-cent coins, commonly known as pennies, for general circulation—though existing pennies will remain legal tender, meaning they can still be used for all debts and taxes, and collectors can still purchase newly minted ones as numismatic (collectible) items. Because pennies will no longer be in circulation, the legislation establishes a voluntary cash-rounding system for cash transactions where exact change cannot be provided, allowing totals ending in 1, 2, 6, or 7 cents to be rounded down to the nearest multiple of 5 cents, and totals ending in 3, 4, 8, or 9 cents (as well as 1 or 2 cents) to be rounded up to the nearest multiple of 5 cents, while digital and electronic payments remain unaffected. Additionally, employers who choose to make cash payments to employees that do not end in a multiple of 5 cents must round those amounts up, and businesses that adopt these cash-rounding practices are explicitly protected from violating any federal, state, or local laws. Finally, the bill requires the Federal Reserve and the Treasury to submit strategic plans and progress reports to key congressional committees regarding coin distribution stability, potential impacts on vulnerable or unbanked populations (individuals without traditional bank accounts), and sets forth strict notice requirements before any other circulating coin can be discontinued in the future.