Sens. John Fetterman, D-Pa., and Kevin Cramer, R-N.D., have introduced a bill that would generally require those conducting in-person business to accept cash as payment from customers.
“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,” the measure stipulates, in part.
The proposal provides an exception if there is “a device that converts cash into prepaid cards” without any fee.
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It also allows exceptions if a person cannot accept cash payment due to “a sale system failure” or because they temporarily do not have enough cash available to provide change.
“It’s simple: if you’re open for business in America, you should take U.S. dollars,” Fetterman said, according to press releases. “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.”
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Businesses would not be required to accept large bill denominations.
The proposal declares 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 text of the measure reads. “When issuing a rule under subparagraph (A), the Secretary shall require persons to accept $1, $5, $10 and $20 bills.”
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“Cash is still legal tender in the United States, despite some businesses’ exclusive acceptance of electronic payments,” Cramer said, according to the press releases. “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.”
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