WASHINGTON—House Republican Conference Chairwoman Lisa McClain (R-Mich.) announced today that her legislation, the Common Cents Act, passed out of the House Financial Services Committee with bipartisan support.
The bill, which codifies one of President Trump’s executive orders, aims to reduce wasteful federal spending by eliminating the production of the penny, which costs almost four times more to manufacture than its actual value.
“The Common Cents Act is about fiscal responsibility and good government,” Chairwoman McClain said. “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.”
