In a letter to Fed Chairman Jerome Powell, House Financial Services Committee Chairman French Hill (R-AR) and eight committee Republicans said they are concerned by the Federal Reserve’s decision to cease accepting penny deposits or orders at many coin terminal locations.

They wrote, “Although the Mint will no longer produce additional one-cent pieces for circulation, estimates indicate that the nearly 300 billion pennies already in circulation are more than sufficient to facilitate commerce. We urge the Federal Reserve to proceed cautiously before shutting down additional terminals and to assess whether reopening more locations to penny deposits and orders would help recirculate existing coins and alleviate current pressures in the system.”

Author: sdbrownlow

Student of Design