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Common Cents Act
The United States Senate approved S. 1525, the Common Cents Act, by Unanimous Consent just before adjourning for the August recess. Earlier this summer, the United States House of Representatives passed its version, H.R. 3074, by suspension of House rules. Both chambers used Congressional procedural motions to expedite passage of this non-controversial bill, which aims to make coin rounding easier for merchants and their customers in the wake of the penny’s retirement. Because the Senate version of the bill differs from the House version, the House will need to either vote on the Senate version or the bill will move to a Conference Committee to iron out the differences.
The Senate bill includes mandatory rounding language, while the House contains an opt-in, or permissive, framework for rounding. Congressional action on coin rounding is overdue as merchants continue to face challenges with penny shortages and a patchwork of state and local laws. MAG continues to work with our merchant members and fellow merchant trade associations to push for the Common Cents Act to become law and give clarity to the millions of merchants in the U.S.
Credit Card Competition Act (CCCA)
Merchants, trade groups, and Senate co-sponsors, including Senator Durbin (D-IL), Senator Marshall (R-KS) and Senator Welch (D-VT), continue to champion the Credit Card Competition Act, legislation aimed at increasing competition and transparency in credit transactions. In early August, three additional bipartisan co-sponsors signed on to the bill, stressing the importance of competition in payments: Senators Lummis (R-WY), Moreno (R-OH), and King (I-ME). This development drives momentum for CCCA into the August recess and the fall legislative calendar.
Engage with the MAG’s Advocacy and Policy Efforts
Join the MAG’s Advocacy and Communications Committee to stay abreast of timely and important policy topics. Merchant input is critical to us in developing policy positions and sharing the merchants’ viewpoint with lawmakers, regulators, fellow trade associations, and other external stakeholders. Please contact Beth Provenzano or Erica Forman with any questions.