Trade stocks in cents while getting rid of pennies?
Sould it help gold were there less demand for cu?
Stop Making Cents Says Ariz. Rep.
By Michael Betsch
CNSNews.com Editorial Assistant
August 15, 2001
(CNSNews.com) - A Republican congressman from Arizona wants to get rid of the Lincoln penny.
Claiming that the 1-cent piece is "inefficient, bothersome, nearly worthless," Rep. Jim Kolbe has introduced the Legal Tender Modernization Act in an effort to greatly reduce the use of pennies in daily transactions.
Kolbe's proposed legislation would require that all sales in retail establishments be rounded up or down to the nearest nickel.
The bill also proposes the design of a commemorative $2 bill to be issued over a five-year period, similar to the current commemorative program for quarters.
But Americans for Common Cents, a lobbying coalition, said the penny is "a valuable asset to the economy, particularly for consumers who are thrifty."
Exempted from the legislation would be "transactions the total amount of which is 2 cents or less, or transactions for which payment is made by any demand or negotiable instrument, electronic fund transfer, money order, credit card, or other like instrument," according to the bill.
While Kolbe's bill would seek to reduce or eliminate the use of pennies in day-to-day activities, the proposal would not prohibit the use of the coins.
"All coins... shall continue to be legal tender for all debts, public and private, public charges, taxes, duties, and dues, in accordance with law," the bill reads.
cnsnews.com\Politics\archive\200108\POL20010815e.html
the actual bill
cnsnews.com\Politics\archive\200108\POL20010815d.html |
