H.R. 10167 — Common Cents Act

This section authorizes the Secretary of the Treasury to mint 5-cent coins composed of a zinc inner layer and nickel outer layer weighing between 4 and 6 grams, in addition to the existing 5-gram copper-nickel alloy. It directs the Secretary to cease production of one-cent coins for general circulation while permitting continued production of such coins as numismatic items, and it removes the prior 3.11-gram weight requirement for one-cent coins.

This section authorizes merchants and financial institutions to round cash transaction amounts or change due to the nearest multiple of 5 cents, rounding down for final digits of 1, 2, 6, or 7 cents and up for 3, 4, 8, or 9 cents, with a special rule rounding $0.01 or $0.02 up to $0.05. It requires employers paying wages in cash to round up to the nearest 5 cents if they choose to round. The rules do not apply to non-cash payments and impose no obligation to round any transaction.

This section shields any person selling goods or services in a cash transaction, including a financial institution, from liability under federal, state, tribal, or local law for following the cash rounding provisions in section 3. It preserves all requirements establishing a minimum wage, providing for overtime pay, or providing for paid leave.

This section requires the Federal Reserve Board to submit and publish a strategic plan within 90 days for accepting penny orders and deposits at commercial coin terminals nationwide. It mandates an assessment of impacts from penny supply disruptions and rounding practices on low-income communities, older consumers, and unbanked individuals, plus progress evaluations at 6, 18, and 30 months.

This section limits the Secretary of the Treasury’s authority to discontinue minting for circulation any coin described in 31 U.S.C. 5112 that is currently minted for circulation. It requires the Secretary, in coordination with the Director of the United States Mint, to submit 60 days’ advance notice to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services that includes the reasoning and a plan addressing impacts on consumers, businesses, and the economy, and to provide a briefing to those committees within 30 days after the notice.

This section defines "covered committees" as the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs. It also defines "financial institution" as any non-individual person engaged in financial activities under section 4(k) of the Bank Holding Company Act of 1956.