Mr. Speaker, I have an amendment at the desk. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today to encourage everyone to support adding our bipartisan amendment, the text of the bipartisan Payment Choice…
Mr. Speaker, I have an amendment at the desk.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise today to encourage everyone to support adding our bipartisan amendment, the text of the bipartisan Payment Choice Act, to the bill.
Recently, the bill passed the Financial Services Committee on a bipartisan vote. I thank Chairwoman Waters for her work in helping to advance my legislation. I thank the gentlewoman from Texas (Ms. Garcia) and the gentleman from New Jersey (Mr. Smith) for their leadership and support of it.
The Payment Choice Act guarantees that every consumer has the choice to pay cash for goods and services. Right now, there is an attack on American currency. Companies are trying to ban cash in their stores, but cash is simple, common, and anonymous. And it is the necessary form of payment for 55 million Americans. That is right, 55 million Americans in this country.
The bill does not prohibit digital or other payments. Instead, it protects cash as a payment in this Nation, as it has been throughout our history. It protects Americans from being rejected from stores because they can only pay in cash.
Several cities and States have enacted their own laws to protect the right to pay cash already. This bill would provide a single law to protect cash nationwide. More important, the bill would protect the privacy of Americans. There is no data collection with cash transactions. Cash is a private transaction.
Customers should have the right to refuse to hand over their personal information for a simple purchase. It is not a partisan issue because Democrats and Republicans support this bill. Therefore, it is an American issue to protect American currency. I encourage all Members to support my amendment.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I really appreciate the gentleman's wonderful summary of my bill up until the point where he raised the issue around preferential businesses, such as ATMs. There is no preferential treatment for any industry in this bill. All retail transactions are treated the same.
As the gentleman speaks on businesses being able to charge a higher price, I don't know about North Carolina, but in New Jersey, when I go to the gas station, there is a higher price charged for credit, not cash. So I think he kind of had that in reverse.
Mr. Speaker, this is an opportunity for 55 million Americans who don't have banking accounts or are underbanked, to continue to be a part of this economy. There is a population in this country, believe it or not, who would rather not be in the banking system.
I am just trying to protect the underserved and the underbanked. I don't know the makeup of the gentleman's district in North Carolina, although I think his attire is splendid with the bowtie. But back in his district, I don't know if they are affluent or not. I have some of the poorest Americans in my district, and they are reaching out to me saying: What do I do?
What happens to the grandmother who lives in a two-flight walkup and the store that she uses is on the first floor? Mr. Speaker, now, this business decides that they are not going to accept her cash anymore. You are asking this woman to walk another three or four blocks to find someone, like a pauper: ``Who will take my cash? Who will take my cash? Will you take my money? Will you take my cash?''
``No, no cash allowed here. Be gone.''
That is what we are looking at. That is what we are trying to prevent.
Mr. Speaker, I just say that we are here to fight for the underserved, the underbanked, and the unbanked.
Mr. Speaker, I yield back the balance of my time.