Peace Garden News

U.S. Senators Kevin Cramer (R-ND) and John Fetterman (D-PA) have introduced the Payment Choice Act, a bipartisan bill aimed at ensuring that consumers can continue to use cash as a payment method without facing higher prices.

“Cash is still legal tender in the United States, despite some businesses’ exclusive acceptance of electronic payments,” said Senator Cramer. “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.”

Senator Fetterman added, “It’s simple: if you’re open for business in America, you should take U.S. dollars. 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.”

The legislation is intended to support small businesses and individuals who are underbanked or do not have access to traditional financial services. According to recent data, 4.5% of U.S. households do not have a checking or savings account. Those without such access are more likely to have lower incomes, less education, or belong to racial or ethnic minority groups. Despite an overall decline in cash payments in recent years, this group still accounts for nearly 20% of all payments made in the U.S.

Industry groups expressed support for the measure. “Ensuring cash remains a viable payment option is vital for small businesses across the country, not to mention the millions of underbanked Americans who rely on consumer choice in payment for goods and services,” one statement read.

The National ATM Council also issued a statement: “The National ATM Council extends its sincerest thanks and appreciation to Senator Cramer and Senator Fetterman for their outstanding leadership and commitment to preserving the role of U.S. currency as legal tender and as a payment option for in-person purchases of basic goods and services,” adding that “The continued vitality and universality of cash in America is essential to maintaining the US Dollar’s position abroad as the world’s premier fiat currency, while also preserving personal financial freedom of choice and purchasing privacy for us all here at home.”

More information about the bill can be found by clicking here.