NATSO Urges Congressional Action to Prevent Penny Crisis
NATSO joined with a coalition of trade associations representing thousands of businesses across Main Streets nationwide in urging leaders of key Congressional House and Senate banking committees to take swift action to address a looming penny shortage.
- Enact a national law allowing businesses to round cash transactions to the nearest nickel. At least 10 states and localities have cash laws that would prohibit this practice. Businesses cannot provide exact change when they cannot get pennies.
- Ensure that such rounding does not violate SNAP regulations.
- Facilitate check cashing at retail locations.
The Treasury Department has ordered its last batch of penny blanks and will stop production of the one-cent coin when that order runs out in early 2026. The Federal Reserve is already reporting shortages across dozens of locations. Retailers large and small are concerned that it will increasingly become challenging to engage in cash transactions with customers.
The letter was signed by NATSO, NACS, National Grocers Association, National Restaurant Association, National Retail Federation, Retail Industry Leaders Association, SIGMA: America’s Leading Fuel Marketers, the Food Industry Association, and the Merchant Advisory Group.
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