than an individual, the business of which is engaging in
     financial activities in section 4(k) of the Bank Holding
     Company Act of 1956 (12 U.S.C. 1843(k))

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentleman from Massachusetts (Mr. Lynch)
each will control 20 minutes.
  The Chair recognizes the gentleman from Arkansas.

                             General Leave

  Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days to revise and extend their remarks
and include extraneous material on the bill.
  The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Arkansas?
  There was no objection.
  Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO
estimate for this legislation.

  EFFECTS ON DIRECT SPENDING AND REVENUES OF LEGISLATION CONSIDERED UNDER SUSPENSION OF THE RULES IN THE HOUSE OF REPRESENTATIVES WEEK OF JULY 13, 2026
                                                                                                        Additional
                                                          Effect on  Direct                           Information on                   Suspension Bill
           Bill Number                     Title               Spending       Effect on  Revenues  Direct Spending and                     Text at
                                                                                                      Revenue Effects                   doc.house.gov
H.R. 3074........................  Common Cents Act, as  Increase by Less     None...............  ...................  ...........  https://
amended. Than $500K.                                                                 docs.house.gov/
                                                                                                                                      billsthisweek/
                                                                                                                                      202607413/
                                                                                                                                      HR3074_SUSxml.PDF

  Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
  Mr. Speaker, I rise today on the House floor in support of Republican
Conference Chairwoman McClain's bill, the Common Cents Act.
  This is a simple, common ``cents'' bill aimed at saving taxpayer
dollars and modernizing a part of our currency system that no longer
makes economic sense.
  The numbers speak for themselves. According to an audit of the United
States Mint, it costs $3.69 to make one penny.
  That is the 19th year in a row, Mr. Speaker, the government has spent
more to make a penny than a penny is worth.
  Last year alone, taxpayers lost more than $85 million producing
pennies.
  Chairwoman McClain's bill simply codifies President Trump's directive
to the Mint to stop producing pennies.
  Of course, we have to be practical. If we are going to no longer make
pennies, people are likely to use more nickels. The problem is that
nickels aren't exactly a bargain either and the gentleman from
Massachusetts knows it.
  They cost nearly 14 cents to produce, so we need to make sure we
don't solve one problem by creating another one. That is why Mrs.
McClain's bill also gives the U.S. Treasury Secretary the authority to
move to a lower cost, zinc-based nickel to ensure that increased nickel
demand is not mitigating the savings due to the elimination of the
penny.
  The bill also addresses something retailers and consumers are already
experiencing. With fewer pennies available, many cash transactions are
rounded to the nearest nickel.
  H.R. 3074 provides a clear, uniform standard for how these
transactions can be rounded, giving businesses certainty and ensuring
everyone is playing by the same rules.
  This bill is about good stewardship of taxpayer dollars. It is about
recognizing when government can do things more efficiently, making
smart updates where they are needed, and saving money in the process.
  Mr. Speaker, I urge my colleagues to support H.R. 3074, and I reserve
the balance of my time.

                              {time}  1450

  Mr. LYNCH. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 3074, the Common Cents Act,
sponsored by Representative McClain. I thank Representative McClain,
along with Representative  Robert Garcia, for their work on this
legislation.
  The idea to end penny production is not a new one. In fact, other
countries, like Canada, Australia, and New Zealand, have stopped
producing pennies themselves. However, many of these countries executed
this plan through a deliberate and meaningful process.
  Unlike the approach taken by other countries, in February 2025,
President Donald Trump abruptly announced on his Truth Social media
account that he directed the Treasury to stop minting pennies. This
decision, not surprisingly, ignored the critical role and
constitutional authority of Congress in regulating the currency.
  While the Secretary of the Treasury did carry out President Trump's
orders, the administration failed to provide a strategic plan or
guidance for the public on how to handle this change, which would
impact all segments of the economy.
  This sudden decision is emblematic of how the administration carries
out policy. They do it suddenly, without expert engagement, without
feedback, and without consideration of potential harms.
  For these reasons, I was glad to see that Ranking Member Waters, the
gentleman from Arkansas (Mr. Hill), Representative McClain, and
Representative Garcia worked together for over a year to thoughtfully
provide much-needed clarity to businesses and consumers in this
legislation.
  In its current form, this bill has made significant improvements from
when it was first marked up in our committee. As drafted, the bill now
allows businesses to round cash transactions if exact change cannot be
provided, and it also authorizes businesses to continue to round in
favor of customers.
  This legislation also requires the Federal Reserve to prepare a
strategic plan in connection with managing the circulation of the
penny. Additionally, the bill will now grapple with potential
unintended consequences that come from ending penny production, like
rounding cash transactions on low-income and unbanked communities and
more.
  Mr. Speaker, I congratulate the gentleman from Arkansas for his
leadership on this. I urge my colleagues to support this bill, and I
reserve the balance of my time.
  Mr. HILL of Arkansas. Mr. Speaker, I yield 3 minutes to the
gentlewoman from Michigan (Mrs. McClain), our Republican Conference
chair and the author of this bill. I really just ask her for a penny
for her thoughts.
  Mrs. McCLAIN. Mr. Speaker, I thank Chairman Hill for his help on
this.
  Mr. Speaker, I rise today in support of H.R. 3074, the Common Cents
Act. This is a straightforward bill that accomplishes one commonsense
goal. It stops the Federal Government from losing money on a coin that
almost no one uses.
  Here is the problem: Every penny we mint costs the taxpayers nearly 4
cents. Think about that. We are spending 4 cents to make 1 cent. Last
year alone, that absurd math cost the American taxpayers more than $85
million. I think we can be a better steward of the taxpayers' money
than that.
  As a businesswoman, I can assure you that no businessowner in my
district or myself would ever spend four times as much to make $1. Yet,
that is exactly how Washington has managed the penny year after year.
Quite frankly, that does not make sense.
  The Common Cents Act fixes it. It directs the Treasury to stop
minting the penny for general circulation, and quite frankly, that is
it.
  It does not take away a single penny that somebody already owns.
Every penny in your pocket, every penny in your piggy bank, and every
penny in that jar on your counter stays as legal tender if it is
unused.
  This is not a radical idea. President Trump called for it. It is his
commonsense idea, and it should become law.
  I introduced this bill with Congressman  Robert Garcia, and it
cleared the Committee on Financial Services with strong bipartisan
support.
  Republicans and Democrats don't agree on much in this town, but we do
agree on this: We shouldn't be wasting $85 million a year to keep
minting pennies.