Congress Passes Common Cents Act, Sending Penny Phaseout Legislation to President Trump

The U.S. Senate has passed the Common Cents Act, which now heads to President Donald Trump for consideration. The legislation establishes national cash-rounding rules for businesses in response to the phaseout of penny production. The bill allows businesses to round cash transaction totals to the nearest five cents when exact change is unavailable, while existing pennies remain legal tender.