Rep. Lisa McClain, R-Mich., told Newsmax Friday getting rid of the penny would save $200 million a year.
McClain proposed the Common Cents Act, which would mandate the U.S. mint to cease producing pennies. The bill would also mandae that all cash transactions be rounded up or down to the nearest 5 cents.
On “National Report,” McClain said the legislation was about codifying President Donald Trump’s executive order to get rid of the penny. In February, Trump announced his preference for getting rid of pennies as a means of financial transaction saying they've become outdated and wildly inefficient to produce.
"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!" Trump wrote in a post on his Truth Social platform. "I have instructed my Secretary of the US Treasury to stop producing new pennies."
McClain said her bill just makes sense. In 2024, the U.S. government lost more than $85 million on the 3.2 billion pennies it produced.
"It takes $0.04 to make $0.01. It's not fiscally responsible," McClain said. "And it's going to save over $200 million a year. So it's the right thing to do."
Americans discard nearly $68 million in coins every year while 60% of actively circulating coins, or nearly $14 billion, remain idol in coin jars, according to the Federal Reserve.
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