Two senators from opposite sides of the aisle want to make sure your paper money still works at the checkout counter. The Payment Choice Act would require most retailers to accept cash payments up to $500 per transaction.
Key Facts:
- Sens. John Fetterman (D-Pa.) and Kevin Cramer (R-N.D.) introduced the bipartisan Payment Choice Act
- The bill would require businesses accepting in-person payments to take cash for transactions up to $500
- Exceptions include businesses with cash-to-prepaid-card machines, system failures, or insufficient change on hand
- Large bills ($50 and higher) would not be required for acceptance during the first five years
- The Treasury Secretary must issue rules after five years mandating acceptance of $1, $5, $10, and $20 bills
The Rest of The Story:
The proposed legislation targets businesses that have moved toward cashless operations, particularly affecting Americans without bank accounts.
The measure includes practical exceptions for technical problems and change shortages that businesses face daily.
“It’s simple: if you’re open for business in America, you should take U.S. dollars,” Fetterman stated in press releases announcing the bill.
He emphasized that millions of Americans lack access to banking services and deserve the right to spend their earnings in paper form.
The bill provides a transition period for large denominations, recognizing that many businesses struggle with counterfeit concerns and security issues around $50 and $100 bills.
After five years, the Treasury Secretary would establish permanent rules about which bills businesses must accept.
Cramer framed the issue around consumer choice, arguing that businesses shouldn’t dictate payment methods.
“Americans should have the option of using cards or cash, but they should be the ones who make that choice,” he said.
Commentary:
This legislation deserves full support from every American who values economic freedom and inclusion.
Cash remains legal tender, yet some businesses have effectively created a two-tiered system that discriminates against citizens who prefer or need to use physical currency.
The unbanked population in America faces real barriers to participation in the economy when businesses refuse cash.
These aren’t just homeless individuals or those with poor credit histories.
Many working Americans choose cash for budgeting reasons, privacy concerns, or simply because they distrust electronic payment systems that can fail or be compromised.
Small businesses often prefer cash transactions because they avoid credit card processing fees that can eat into already thin profit margins.
When retailers refuse cash, they’re essentially forcing customers to subsidize the payment processing industry.
This represents a hidden tax on consumers who might prefer the simplicity and security of cash transactions.
The bill strikes a reasonable balance by allowing exceptions for legitimate operational concerns while preventing arbitrary discrimination against cash users.
The $500 transaction limit covers the vast majority of retail purchases, and the flexibility around large bills addresses real security concerns that businesses face.
Electronic payment systems create vulnerabilities that cash simply doesn’t have.
When payment networks go down, credit card machines malfunction, or cyber attacks target financial infrastructure, cash continues to work.
A society that abandons cash entirely becomes dangerously dependent on systems that can fail.
The legislation also protects against the surveillance state that digital payments enable.
Every electronic transaction creates a permanent record that can be tracked, stored, and analyzed.
Cash transactions preserve a level of privacy that Americans have enjoyed throughout the nation’s history.
This bipartisan effort shows that protecting individual choice and economic freedom can unite lawmakers across party lines.
The Payment Choice Act would ensure that American currency retains its fundamental purpose in American commerce.
The Bottom Line:
The Payment Choice Act represents common-sense legislation that protects both consumer choice and economic inclusion.
By requiring businesses to accept the very currency our government prints, this bill ensures that all Americans can participate fully in the marketplace.
Cash may be old-fashioned, but it remains a cornerstone of economic freedom that deserves legal protection.
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