With Penny's Days Numbered, Retailers Seek Congressional Action

With the penny soon to be a thing of the past, retail groups are begging Congress to establish a law establishing how stores would round up – or down – to the nearest nickel for cash transactions.

"At least 10 states and localities have cash laws that would prohibit this practice," retail consortiums that include the National Association of Convenience Stores and National Restaurant Association said in a letter to members of the House and Senate committees that oversee banking and financial services.