Today, Representative Frank D. Lucas (OK-03), a member of the House Financial Services Committee and Chairman of the House Financial Services Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, delivered remarks on the House floor advocating for fiscal responsibility by supporting the Common Cents Act. The legislation would codify President Trump’s order to the Treasury to stop production of the one-cent piece, along with allowing the Mint to produce a more cost-effective nickel.
Remarks as prepared for delivery:
I rise today in strong support of the Common Cents Act. This bill has been over a year in the making with my colleagues Ms. McClain and Ranking Member Waters, and I am proud of the product we have put forward.
The one-cent piece, or the penny as it’s commonly called, costs almost four cents to produce. 2024 was the 19th consecutive year the U.S. government lost money keeping the penny in circulation.
That is why last year the President rightly ordered the Treasury Department to stop wasting hard-earned taxpayer dollars to produce the coin and why we’re excited to move forward in codifying this action.
The Common Cents Act also gives flexibility to the Mint to produce a nickel with cheaper materials. In 1866, Congress mandated the nickel be produced from an ally of copper and nickel, and we haven’t updated the composition since. This bill gives the Mint flexibility to produce a cheaper coin while retaining Congress’ responsibility of coining money.
Finally, the bill provides certainty for businesses in their cash transactions with customers, without mandating price controls from the government. We are proud to boast endorsements from the National Retail Federation, National Grocers Association, United Steelworkers International Union, and the American Bankers Association, among many others.
I want to thank Ms. McClain and Ranking Member Waters for their leadership on this issue, and I look forward to enjoying broad bipartisan support from this Body today.
I reserve the balance of my time.
