Floor Statements

Mr. President, the penny has been a staple of American life since Congress passed the Coinage Act of 1792, which mandated that the penny be valued at one hundredth part of a dollar.

The following year, in 1793, the U.S. Mint produced 11,178 copper pennies. Billions of pennies later, the penny has been made of zinc, steel, nickel, tin and bronze throughout more than two centuries of history and has featured on its face Lady Liberty, a Flying Eagle, an Indian Head, and, most notably, President Abraham Lincoln since 1909.

Since the early 2010s, the penny has cost the U.S. Mint more to produce than its 1 cent face value. Today, it costs taxpayers nearly 4 cents per penny to produce, costing the Federal Government an estimated $56 million annually.

As Americans rely heavily on electronic payments, including digital assets, to send and receive value, the penny has become an outdated and inefficient part of our currency.

One of my core missions serving on the Banking Committee has been to ensure how Americans transfer value in our payment and currency system is

modern, relevant, and efficient, whether it is through stablecoins, Federal Reserve master accounts, or our old friend the penny.

I am proud to be leading the Common Cents Act in the Senate, which will bring the penny's role in our economy to an end once signed into law by President Trump. I am joined by my friends Senators Gillibrand, Lankford, and Wyden as cosponsors of this legislation.

The Common Cents Act ratifies the Treasury Department's decision in 2025 to permanently discontinue production of the penny. My legislation also provides crucial legal certainty for business by creating a clear national standard authorizing businesses to round to the nearest 5 cents, while specifying that electronic payments are not required to be rounded.

My legislation also authorizes the U.S. Mint to test and, if appropriate, implement a new lower-cost composition for the nickel, which could also save taxpayers money.

I want to be clear about the intent of that provision. The intent of this provision is to allow the Treasury and Mint to change the composition of the 5-cent coin from its current nickel-copper alloy to a zinc-nickel alloy. Not only should the Treasury and Mint evaluate the direct cost of production of the 5-cent coin when determining its composition, but it also should evaluate the cost and recyclability across the Treasury's and Mint's integrated coin-alloy and scrap- recycling system, as well as the availability of qualified suppliers and the overall resilience of the supply chain.

The current copper and nickel 5-cent coin, dime, and quarter production streams are operationally and economically interconnected. The current composition of the 5-cent coin uses a closed-loop recycling model, and the nickel-copper alloy used in the 5-cent coin is compatible with the materials also used in dimes and quarters. This allows the 5-cent coin scrap to be recycled and reused into dime and quarter feedstock.

The goal of the Common Cents Act is to save taxpayers money. Therefore, the Treasury and Mint should look at the impact and cost of changing the composition of the 5-cent coin, including the cost of production of the 5-cent coin and other coins, recyclability, availability of suppliers, and supply chain.

Discontinuing coinage like the penny is not new. Production of the half-cent coin was discontinued in the Coinage Act of 1857, and today, the Common Cents Act is another step our country will take to modernize how Americans transfer value.

The late Senator Mike Enzi, my predecessor from Wyoming in the Senate, began advocating for the abolition of the penny in 2017, when he introduced the Coins Act. I am proud to complete the work he began today with the Common Cents Act.

Mr. President, I ask unanimous consent to have the following statement printed in the Record.

Mr. President, reserving the right to object, the message at the heart of these PSAs is a simple one: American values are worth defending against the failed ideologies of communism and socialism. If that is what has the Senator from New Hampshire concerned, I would suggest the concern says more about her side of the aisle than it does about the PSA.

Presidents of both parties have used public service announcements to speak directly to the American people for decades. Woodrow Wilson and Franklin Roosevelt did it in World War I and World War II. Bill Clinton launched a national anti-drug campaign. George W. Bush bought Super Bowl air time. Barack Obama promoted ObamaCare. Joe Biden ran PSAs on vaccinations. I don't recall a single Democrat rushing to the floor to object to any of them. The only difference I can find is the message.

When a Democratic President tells Americans what to do, it is a public service. When this President tells Americans that liberty is worth defending, it is suddenly a problem. A reminder that freedom beats communism and socialism is patriotic, and no Member of this body should be offended by it.

If Senators want to debate how the government communicates with the public, let's do it the right way: through regular order, in committee, with hearings, and with one standard applied to every administration-- not by unanimous consent aimed at a single President's message.

For these reasons, I object.

Madam President, I ask unanimous consent that the order for the quorum call be rescinded.

Madam President, I ask unanimous consent that the Senate proceed to executive session to consider the following nominations: Calendar No. 918 and Calendar No. 919 and only PN769-2 Wade E. Arnold on the Secretary's desk in the Coast Guard; that the nominations be confirmed, the motions to reconsider be considered made and laid upon the table with no intervening action or debate; that no further motions be in order to any of the nominations; that the President be immediately notified of the Senate's action and the Senate then resume legislative session.

Madam President, I ask unanimous consent that the Senate be in a period of morning business, with Senators permitted to speak therein for up to 10 minutes each.

Madam President, I understand there is a bill at the desk, and I ask for its first reading.

I now ask for a second reading, and in order to place the bill on the calendar under the provisions of rule XIV, I object to my own request.

Madam President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 557, S. 1962.

I ask unanimous consent that the committee-reported substitute amendment be agreed to; that the bill, as amended, be considered read a third time and passed; that the committee-reported title amendment be agreed to, and that the motions to reconsider be considered made and laid upon the table.

Madam President, I ask unanimous consent that the Senate proceed to the immediate consideration of Calendar No. 560, S. 3404.

I ask unanimous consent that the committee-reported substitute amendment be agreed to; that the bill, as amended, be considered read a third time and passed; and that the motion to reconsider be considered made and laid upon the table.

Madam President, I ask unanimous consent that the Committee on Health, Education, Labor, and Pensions be discharged from further consideration and the Senate now proceed to S. Res. 863.

I ask unanimous consent that the resolution be agreed to, the preamble be agreed to, and that the motions to reconsider be considered made and laid upon the table.

Madam President, I ask unanimous consent that the Senate proceed to the en bloc consideration of the following resolutions which are at the desk: S. Res. 888, S. Res. 892, S. Res. 893, S. Res. 894, S. Res. 895, S. Res. 896.

I ask unanimous consent that the resolutions be agreed to, the preambles be agreed to, and that the motions to reconsider be considered made and laid upon the table, all en bloc.

Madam President, I ask unanimous consent that the Senate proceed to the consideration of S. Res. 897, submitted earlier today.

I ask unanimous consent that the resolution be agreed to, the preamble be agreed to, and that the motions to reconsider be considered made and laid upon the table with no intervening action or debate.

Madam President, I ask unanimous consent that when the Senate completes its business today, it stand adjourned until 10:00 a.m. on Thursday, September 24; that following the prayer and pledge, the Journal of proceedings be approved to date, the morning hour be deemed expired, the time for the two leaders be reserved for their use later in the day, morning business be closed, and the Senate resume consideration of the substitute amendment No. 6776 to S. 4668 postcloture; further, that postcloture time be expired at 10:45 a.m. and the Senate vote on adoption of amendment No. 6776.

Madam President, if there is no further business to come before the Senate, I ask that it stand adjourned under the provisions of S. Res. 897.

Mr. President, I ask unanimous consent that the Senate be in a period of morning business, with Senators permitted to speak therein for up to 10 minutes each.