EXECUTIVE SUMMARY
U.S. Senate unanimously passes the Common Cents Act to officially end penny production and modernize cash transactions.
The U.S. Senate showed a rare display of bipartisanship this week that does not happen often.
Senate Unanimously Approves Common Cents Act
The Senate unanimously approved the Common Cents Act, a practical measure that formally ends production of the money-losing penny and gives the Treasury Department authority to develop a cheaper nickel.
The move, many argue, will potentially save taxpayers millions while simplifying everyday cash purchases for American consumers and small businesses.