Republican lawmakers in Congress are forging ahead with President Donald Trump's plan to end the production of pennies, a move that could potentially cost jobs and affect the way businesses handle cash transactions.

The House Financial Services Committee, which oversees banking, insurance and other related matters, advanced a bill dubbed the "Common Cents Act" by a vote of 35-13 on July 23.

The bill would formalize Trump's February order directing the Treasury Department to halt penny production, and round cash transactions to the nearest five cents. It was introduced by Rep. Lisa McClain, R-Michigan, Rep. Robert Garcia, D-California, Sen. Cynthia Lummis, R-Wyoming and Sen. Kirsten Gillibrand, D-New York, at the end of April.

"The Common Cents Act is about fiscal responsibility and good government," McClain, the House Republican Conference chairwoman, said in a statement. "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."

With House lawmakers out for their annual one month summer break, and the Senate soon to go on theirs, there won't be much action taken on the bill until after they return.

Trump has previously deemed the one-cent coins as "wasteful," arguing that it's pricey to produce them. A 2024 annual report from the United States Mint found that the cost of making a penny was 3.69 cents.Here's the latest on the push to end penny production.

To read the complete article, see:
https://www.usatoday.com/story/news/politics/2025/07/27/trumps-plan-halt-production-pennies/85353839007/(https://www.usatoday.com/story/news/politics/2025/07/27/trumps-plan-halt-production-pennies/85353839007/)