Monica De La Cruz

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 10167) to direct the Secretary of the Treasury to stop minting the penny, to require cash transactions to be rounded up or down to the nearest 5 cents, and for other purposes.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and to include extraneous material on the bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Mr. Speaker, I rise today in support of Republican Conference Chairwoman McClain's Common Cents Act. Rather than spending more money producing a coin than the coin itself is worth, this straightforward, commonsense bill ensures that Congress is a good steward of taxpayers' dollars by providing long-term fiscally responsible solutions.

Mr. Speaker, let's look at the numbers. According to an audit of the United States Mint, it costs $3.69 to make a 1-cent penny. In fact, for 19 consecutive years, the U.S. Government has spent more than one penny to make one penny. In 2024 alone, taxpayers lost more than $85 million producing pennies.

Chairwoman McClain's bill eliminates that wasteful spending by codifying President Trump's directive to the Mint to stop producing new pennies for circulation. However, we also need to make sure we are not solving one problem by creating another.

If we stop making pennies, then Americans are likely to use more nickels, and at nearly 14 cents to produce nickels, they aren't exactly a bargain either. That is why this bill gives the Treasury Secretary the flexibility to move a lower-cost composite for the nickel, again, saving taxpayers money.

The bill also provides a clear uniform standard for rounding cash transactions to the nearest nickel when exact change isn't available, ensuring our small businesses have the certainty they need.

Importantly, the bill keeps Congress informed by requiring Treasury to notify the House and Senate and explain their reasoning before discontinuing any additional circulating coins.

This is very simple. The Federal Government should not spend more money to make something than it is worth itself. We should look for savings where we can, modernize outdated practices, and ensure businesses and consumers have certainty at the register.

Mr. Speaker, this is what responsible stewardship of taxpayer dollars looks like.

Mr. Speaker, I urge my colleagues to support Chairwoman McClain's bipartisan Common Cents Act, and I reserve the balance of my time.

Mr. Speaker, I yield 3 minutes to the gentlewoman from Michigan (Mrs. McClain), the House Republican Conference chairwoman and sponsor of this bill.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2978) to permit State, local, and Tribal law enforcement agencies that receive eligible Federal grant funds to use such funds for investigating elder financial fraud, pig butchering, and general financial fraud, and to clarify that Federal law enforcement agencies may assist State, local, and Tribal law enforcement agencies in the use of tracing tools for blockchain and related technology, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and to include extraneous material on this bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I note that although H.R. 2978 has not been reported out of Judiciary Committee, which also received a referral for the bill, the Judiciary Committee supports H.R. 2978 being considered today under suspension of the rules. I thank Chairman Jordan for his committee's support.

Mr. Speaker, I rise today in support of H.R. 2978, the Guarding Unprotected Aging Retirees from Deception Act, or GUARD Act.

Financial fraud is one of the fastest-growing threats facing hardworking Americans, particularly seniors and retirees who have spent decades saving for the future. Today, sophisticated scammers are using technology to target vulnerable Americans through increasingly complex schemes.

The GUARD Act helps address this challenge by allowing State, local, and Tribal law enforcement agencies to use existing Federal grant funding to investigate financial fraud.

This bill also gives law enforcement greater access to modern investigative tools by allowing Federal agencies to assist State and local authorities with blockchain tracing and related technologies. These tools can help law enforcement follow the money, identify bad actors, and recover funds that have been stolen from victims.

As scammers continue to develop new ways to exploit Americans, our law enforcement agencies must have the tools and information necessary to keep pace.

This bipartisan bill takes a commonsense approach by strengthening coordination between Federal, State, local, and Tribal law enforcement, while providing the resources needed to investigate and disrupt financial fraud.

More importantly, the GUARD Act will help protect seniors and retirees who have worked hard their entire lives and deserve to be protected from predatory actors.

I thank Representatives Nunn, Fitzgerald, and Gottheimer for their leadership on this important bill.

Mr. Speaker, I urge my colleagues to support H.R. 2978, and I reserve the balance of my time.

Mr. Speaker, I yield 5 minutes to the gentleman from Iowa (Mr. Nunn), the sponsor of this bill.

Mr. Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Meuser).

Mr. Speaker, I yield myself the balance of my time.

Mr. Speaker, for the reasons I explained earlier, I urge my colleagues to support this bill, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 8278) to require certain supervisory agencies to assess their technological capabilities, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on this bill.

Mr. Speaker, I include in the Record the CBO estimate for this bill.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, today, I rise in support of H.R. 8278, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, or the FUTURES Act.

This bipartisan, commonsense measure addresses a real challenge. As technology evolves at unprecedented speed and banks and financial firms adopt new tools, do our financial regulators have the technology and expertise they need to keep pace?

I am proud to support the FUTURES Act, led by Representatives Marlin Stutzman and Bill Foster, which takes important steps toward modernizing our Federal financial regulatory agencies.

The FUTURES Act provides Congress with a comprehensive view of the roadblocks hindering our supervisors' ability to effectively regulate and supervise their financial institutions. It does so by providing Congress with a clear picture of the technology regulators currently use, where critical gaps exist, and what barriers stand in the way of closing those gaps.

If our regulators and supervisors cannot keep pace with a constantly evolving market, there is a legitimate risk to both financial market stability and the broader economy. We must equip agencies with the tools they need to effectively oversee the ever-changing landscape of global finance. A crucial first step in doing so is to remove roadblocks, outdated agency practices, procurement barriers, and needless bureaucracy that slows the adoption of cutting-edge supervisory technology.

The FUTURES Act would identify and address these roadblocks and help enable more effective, realtime oversight of markets and institutions. This is a critical step to create a more transparent and efficient supervisory environment for financial institutions and market participants of all sizes.

The bill also takes a look at whether agencies can recruit, train, and retain the technical experts needed to meet their missions. Just as we hold our financial institutions to rigorous standards on cybersecurity and vendor oversight, we should equip our regulators to meet the same high bars.

I look forward to the insights this bill will generate and how they will guide future engagement to improve supervision across the Federal financial system.

I supported this bipartisan, commonsense bill last Congress and during our committee markup in May, and I am pleased to do so today.

All of my colleagues at the Financial Services Committee supported this bill, and I urge the rest of my colleagues in the House to join us in passing this important bipartisan bill.

Mr. Speaker, I thank Mr. Stutzman and Mr. Foster for their leadership, and I reserve the balance of my time.

Mr. Speaker, I yield 4 minutes to the gentleman from Indiana (Mr. Stutzman), the sponsor of this bill.

Mr. Speaker, I reserve the balance of my time.