Signal US Senate passes Common Cents Act for cash-rounding framework

Summary

The US Senate passed the Common Cents Act, a federal framework governing how cash transactions are rounded. The bill addresses a practical payments gap created after minting of the one cent penny was discontinued. Under the act, retailers may round the final total of a cash payment up or down to the nearest 5 cents. It also includes an amendment requiring the Treasury Department to notify Congress in advance, along with a transition plan, before discontinuing any future currency denomination. The passage gives legal grounding for handling cash payments now that the penny has been phased out.