Two senators from opposite sides of the aisle have introduced a bill that will allow consumers to spend their cash.
Sens. John Fetterman (D-Pa.) and Kevin Cramer (R-N.D.) have joined forces to introduce a bill that would require those doing business in person to accept cash as payment.
The measure is called “Payment Choice Act,” Fox Business reported.
“Any person engaged in the business of selling or offering goods or services at retail to the public who accepts in-person payments at a physical location … shall accept cash as a form of payment for sales made at such physical location in amounts up to and including $500 per transaction,” according to the bill.
One exception is when there is “a device that converts cash into prepaid cards” with no fee.
Another exception includes is the business does not have enough cash on hand to provide change or if there is “a sale system failure.”
“It’s simple: if you’re open for business in America, you should take U.S. dollars,” Fetterman said, in a press release dated July 17. “I’m proud to introduce the bipartisan Payment Choice Act with Senator Cramer because every American should be able to use paper currency if they choose. We have millions of people in this country who don’t have access to bank accounts, and they must be able to go shopping with their hard-earned dollars.”
If a large denomination is presented for payment, the business does not have to accept it.
The proposal says that “for the 5-year period beginning on the date of enactment of this section, this section shall not require a person to accept cash payments in $50 bills or any larger bill.”
“The Secretary shall issue a rule on the date that is 5 years after the date of the enactment of this section with respect to any bill denominations a person is not required to accept,” the measure reads. “When issuing a rule under subparagraph (A), the Secretary shall require persons to accept $1, $5, $10 and $20 bills.”
Cramer said it is important to continue to use cash.
“Cash is still legal tender in the United States, despite some businesses’ exclusive acceptance of electronic payments,” Cramer said, according to the press release. “Forcing the use of credit and debit cards or imposing premium prices on goods and services paid for with cash limits consumer choice. Americans should have the option of using cards or cash, but they should be the ones who make that choice.”
