U.S. Senators Mike Lee and Jeff Merkley have introduced a new bill, the Make Sense Not Cents Act, aiming to end the production of the U.S. penny. According to the senators, this initiative could save taxpayers more than $85 million annually.
The senators argue that producing each penny costs nearly four cents, leading to substantial government spending on these coins. The proposed legislation seeks to stop what the senators perceive as wasteful expenditure by prohibiting further federal investment in penny production.
Senator Mike Lee stated, “Minting pennies costs the American taxpayer millions every year – nearly four times more than the pennies are worth. No private business would produce something at a 4x loss. It’s time to stop wasting Americans’ hard-earned tax dollars making overpriced pennies.”
Senator Jeff Merkley echoed this sentiment, emphasizing the bipartisan nature of the proposal: “It’s the opposite of ‘common cents’ for taxpayers’ dollars to fund wasteful spending like producing pennies. The Make Sense Not Cents Act will save taxpayers millions—and that is something that both Democrats and Republicans support to seriously take on government waste.”
The full text of the Make Sense Not Cents Act is available for public review.
