U.S. Senators Cynthia Lummis and Kirsten Gillibrand have introduced new legislation aimed at suspending the production of the penny. The bill, known as the Common Cents Act, has bipartisan support and is in line with a proposal backed by former President Trump.
Senator Lummis highlighted the financial implications, stating, “The U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!”
Senator Gillibrand echoed the sentiment, saying, “The penny is outdated and inefficient and no longer serves the needs of our economy. By suspending its production, we can reduce government spending, streamline transactions, and move toward a more practical financial system. It’s time to invest in a future that works for the 21st century economy, and that starts with suspending production of the penny.”
The legislation was also introduced in the House by Representatives Lisa McClain and Robert Garcia, presenting a unified front from both chambers of Congress.
