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USA Today
2 days ago
- Business
- USA Today
Change is coming: Congress moves forward to end penny, as a Tennessee town worries about jobs
Change is coming, but it won't be in the form of a penny anymore. However, the demise of the penny could mean the loss of jobs in East Tennessee. After 233 years of production, the U.S. Treasury Department announced in May that the production of the penny will come to an end, and soon, the only ones available will be pennies currently in circulation. On July 23, the House Financial Services Committee, which oversees banking, insurance and other related matters, advanced a bill dubbed the 'Common Cents Act' by a vote of 35-13. Bring us one step closer to the end of penny minting in the United States. 'The Common Cents Act is about fiscal responsibility and good government,' House Republican Conference Chairwoman Rep. Lisa McClain, R-Michigan, said in a statement. 'Taxpayers shouldn't be footing the bill to produce a coin that loses money every time it's made. It's time to modernize our currency policy and bring some common sense — and Common Cents — to Washington.' The advancement could also mean the end of work at the Greene County, Tennessee factory where penny blanks for the United States are made. During the July 23 meeting, Tennessee Republican Rep. John Rose, who sits on the House Financial Services Committee, expressed concerns over the 'Common Cents Act," arguing that eliminating the penny 'without a well crafted plan' to phase it out won't accomplish the goal of 'improving the cost and efficiency of US currency.' 'As it stands, there's been no time provided for states, retailers or consumers to prepare for a penniless economy,' he said. 'We need to do that responsibly and thoughtfully.' The concerns were short-lived, though, Rose stated he would ultimately vote for the act. Here's a look at when the penny will be phased out and what could happen to the Greene County factory. Why is penny production being stopped? President Donald Trump stated in February that production was going to stop in 2025. Trump's February announcement about halting penny production stated that the effort is a cost-saving measure for the budget. As the penny is phased out, prices will soon reflect the nickel as the smallest denomination. The change will force companies to change pricing . Trump has previously stated that the coins were 'wasteful,' arguing that it's pricey to produce them. Nickels are more expensive than pennies to produce, which could cause other losses in the budget. How much does it cost to make a penny? A nickel? More than it is worth. The currency that is only worth 1 cent costs about 3.7 cents to produce in fiscal year 2024, according to the U.S. Mint's annual report. A nickel costs about 13.8 cents to make. The price to make both coins has been on the rise for almost the last decade. The U.S. Mint reported an $85.3 million loss in the 2024 fiscal year on the nearly 3.2 billion pennies it produced Are pennies made in Tennessee? The blanks used for pennies are produced in East Tennessee at Artazn Zinc in Greene County. 'Save the penny. For those that do not know, every penny starts in Greene County. Save jobs in Greene County!' Jeff Taylor, president and CEO of the Greene County Partnership, posted on social media after the announcement. Penny blanks have been manufactured in East Tennessee for decades at the business, along with coins for countries around the world, with "over 300 billion coin blanks circulating across 20 countries," according to the company's website. Taylor and Kevin Morrison, the mayor of Greene County, have argued that ending penny production could cost individuals their jobs. One group is fighting for the penny to stay and states that its phase-out wouldn't mean saving money. 'In fact, such a move would have a significant negative impact on the U.S. Mint's cost structure. Many overhead expenses at the Mint would remain and would need to be absorbed by other coins, increasing their per-unit costs. Additionally, without the penny, the demand for nickels would rise to fill the gap in small-value transactions,' according to a January news release from Americans for Common Cents, a pro-penny group with Artazn among its backers. 'Since each nickel costs nearly 14 cents to produce, this shift would drive up overall production expenses for the government. Rather than saving money, eliminating the penny would increase and redistribute financial burdens,' the news release states. When does the production of the penny stop? The last order for pennies has already been taken by U.S. mints and the Treasury told multiple news outlets that pennies will stop being put into circulation early in 2026, according to the Wall Street Journal, CNN, MSN, and Business Insider. But the decommissioning of the penny now lies in the hands of the House Rules Committee, which sets terms for how a bill will be debated, amended and voted on by members in the lower chamber. When it will get to that committee is unclear, though, since the House is out on its month-long summer break. How many pennies are made each year? In the 2024 fiscal year, around 3.2 billion pennies were manufactured Are old pennies worth anything more than 1 cent? Think that old penny you have in the drawer might be worth something? Well, some are, but most aren't worth more than their face value. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1 cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million. How can I tell if my pennies, coins are worth anything? A quick Google search can give you an idea if the coin you have is rare or if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association. The nonprofit educational organization is dedicated to educating and encouraging people to study and collect coins and other items related to it. Beyond doing your own research, the easiest way to see if your coin is worth anything is to get it appraised. Tennessee has multiple coin appraisers across the state who can take a look at any coins that you may have come across and tell you their potential worth. You can find a list of recommended coin appraisers from the American Numismatic Association at Think you may have something of value? Check out some more tips on what to do at USA TODAY contributed to this report.
Time of India
22-07-2025
- Business
- Time of India
Taiwan tensions: US House passes deterrence bill; threatens to expose CCP elite's assets if China invades
Representative image (Picture credit: ANI) In a strong bipartisan move aimed at deterring a potential Chinese attack on Taiwan, the US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, a legislation that seeks to expose the financial assets and corruption of top Chinese Communist Party (CCP) officials if Beijing wages war on the self-ruled island. The bill, introduced in February by Republican Lisa McClain and Democrat Brad Sherman, specifically targets members of the CCP's Politburo Standing Committee and other senior Chinese officials involved in Taiwan-related matters. If enacted, it would direct the US treasury department to publicly disclose the financial holdings and offshore assets of these officials and their immediate family members. According to the news agency CNA, the bill mandates the treasury secretary to publish a report identifying financial institutions and accounts tied to senior Chinese officials, and to restrict major transactions involving their family members. A public summary of this report is required to be made available on Treasury platforms in both English and Chinese. 'This bill communicates a clear and bipartisan warning: should the CCP wage war against Taiwan, there will be repercussions,' McClain said during the bill's voice vote, as quoted by news agency ANI. 'We are discussing real, targeted actions against corrupt CCP elites, with their financial activities and offshore accounts being revealed and made accessible for the Chinese public', McClain added. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 most beautiful women in the world Undo by Taboola by Taboola McClain also underscored Taiwan's importance in global supply chains, particularly semiconductors and its role as a democratic ally. 'The United States cannot afford to be complacent in the face of increasing Chinese aggression,' she said, noting that regional peace in the Indo-Pacific directly affects American economic and strategic interests. The bill now moves to the Senate for approval before it can be signed into law by the President. A similar version of the Taiwan Conflict Deterrence Act had passed the House unanimously in the previous legislative session. The development comes amid growing Chinese military activity around Taiwan. On Tuesday, Taiwan's ministry of national defence (MND) reported that eight Chinese People's Liberation Army Navy (PLAN) ships and two official vessels were spotted operating near the island. While no PLA aircraft were detected that day, a day earlier, one Chinese aircraft had crossed the Taiwan Strait median line and entered Taiwan's northern air defence identification zone (ADIZ), the MND said in a post on X. Meanwhile, Taiwan's vice president Hsiao Bi-khim reaffirmed Taipei's determination to protect national security. 'Taiwan does not live in a vacuum,' she said at a recent briefing with foreign diplomats and journalists, as quoted by Taipei Times. 'We operate at the centre of one of the world's most dynamic and contested geopolitical environments.' She described Beijing's recent actions, including military provocations, grey-zone tactics and economic coercion, as increasingly aggressive since President William Lai took office in May 2024. 'To deter these risks, we are reforming and integrating our national defence strategy, rooted not only in military modernisation, but also in the resilience of our entire society,' Hsiao said. As geopolitical tensions mount in the Indo-Pacific, the recently concluded Talisman Sabre 2025, a major multinational military exercise in Australia, also signalled growing allied resolve to counter China's assertiveness in the region. The drills included amphibious landings, airborne drops and the live firing of the US Army's Typhon missile system, with the notional adversary modelled closely on China. Though the US Army insists the exercise is not aimed at any specific country, senior American commanders acknowledged the deterrence message embedded in the drills. 'To be able to directly deliver an infantry battalion with its command that is situationally aware and physically optimised onto a drop zone 7,000 miles away... should scare adversaries,' said Colonel Brian Weightman of the 11th Airborne Division, as quoted by ANI.
Time of India
22-07-2025
- Business
- Time of India
US House passes Taiwan Conflict Deterrence Act to expose CCP corruption if China attacks Taiwan
The US House of Representatives approved a bill designed to discourage military action by China by revealing the corruption of Chinese Communist Party (CCP) officials should such an incident occur regarding Taiwan, on Monday, according to a report from Central News Agency (CNA). This bipartisan legislation , called the Taiwan Conflict Deterrence Act , was introduced in early February by Republican Lisa McClain and Democrat Brad Sherman, and it specifically targets members of the CCP's Politburo Standing Committee and other high-ranking officials involved with Taiwan-related issues, as reported by CNA. Explore courses from Top Institutes in Please select course: Select a Course Category MCA Digital Marketing others PGDM Management Finance healthcare CXO Degree Project Management MBA Data Analytics Public Policy Technology Design Thinking Cybersecurity Product Management Artificial Intelligence Healthcare Data Science Leadership Others Operations Management Data Science Skills you'll gain: Programming Proficiency Data Handling & Analysis Cybersecurity Awareness & Skills Artificial Intelligence & Machine Learning Duration: 24 Months Vellore Institute of Technology VIT Master of Computer Applications Starts on Aug 14, 2024 Get Details The bill stipulates that "the Secretary of the Treasury must publish a report detailing financial institutions and accounts tied to senior officials of the People's Republic of China, to limit financial services for certain family members of these officials, and for other purposes." It grants the treasury secretary the authority to block CCP officials from accessing funds held in U.S. financial institutions and requires that a public summary or portions of the report be available on the Treasury Department's website and social media platforms in both Chinese and English. Additionally, the bill mandates that the treasury secretary prevent financial institutions from engaging in major transactions with the immediate family of the specified officials, according to the CNA report. "The United States cannot afford to be complacent in the face of increasing Chinese aggression," McClain stated before the bill's voice vote on Monday. "As a representative from Michigan, a state that understands the importance of manufacturing, trade, and global stability, I recognise how essential peace in the Indo Pacific is to American jobs and our economy," she remarked, as quoted by the CNA report. Live Events The Republican representative later characterised Taiwan as a democratic ally and an essential player in the global supply chain, particularly in the semiconductor sector. "This bill communicates a clear and bipartisan warning: should the CCP wage war against Taiwan, there will be repercussions," McClain asserted. "We are discussing real, targeted actions against corrupt CCP elites, with their financial activities and offshore accounts being revealed and made accessible for the Chinese public," she stated, according to the CNA report. The bill must be approved by the Senate before it can be enacted into law by the US President. The Taiwan Conflict Deterrence Act was unanimously approved by the House in the previous session.
Bloomberg
22-07-2025
- Business
- Bloomberg
CBO Score Used Wrong Growth Rate: Rep. McClain on Tax Bill
Rep. Lisa McClain (R-MI) talks about why she believes the Congressional Budget Office is off on their calculations that the Trump Tax Bill will add $3.4T to the US deificit. She also talks about an additional rescission packages, and whether or not Congress will launch an investigation into the renovations at the Federal Reserve. Rep. McClain speaks with Tyler Kendall and Joe Mathieu on the late edition of Bloomberg's 'Balance of Power.' (Source: Bloomberg)
Irish Times
16-07-2025
- Business
- Irish Times
Prominent US politicians calls Occupied Territories Bill ‘extreme antisemitic hate'
A large number of US politicians have warned the Government that enacting the Occupied Territories Bill would be harmful for Ireland . The proposed bill is expected to be put before the Dáil in the autumn. The legislation would prohibit trading with companies operating in illegal settlements in the West Bank and other occupied territories. At least 10 members of Congress have shared their criticisms of the bill on X in what would appear to be a concerted campaign. They were joined by the US ambassador to Israel Mick Huckabee who posted on X: 'Did the Irish fall into a vat of Guinness & propose something so stupid that it would be attributed to act of diplomatic intoxication? It will harm Arabs as much as Israelis. Sober up Ireland! Call @IsraelMFA & say you're sorry!' [ Government effort to ban occupied territories trade gets EU boost Opens in new window ] Lisa McClain, the chair of the House Republicans, stated that 'any legislation boycotting, divesting, or sanctioning Israel would be a huge mistake for Ireland. 'This type of extreme anti-Semitic hate is unacceptable and should be rejected.' On X, Rep McClain linked to an article from The Hill website which warned that the passing of bill would create a 'real and immediate legal risk not for Israel, but for American companies and investors'. The article, authored by three legal academics, Mark Goldfeder, Anat Beck and Erielle Davidson, outlines that the United States has had a long-standing policy going back to 1977 that US companies will not be allowed to participate in any boycott of Israel. 'Federal anti-boycott laws make it illegal for US companies to comply with foreign government boycott requests targeting Israel,' it says. 'That means American firms that change their behaviour in response to Ireland's new law – whether by cancelling contracts, terminating suppliers or rerouting goods away from Israeli partners in the West Bank – could face serious penalties at home.' More than 36 US states have adopted laws that bar companies from receiving state contracts if they boycott Israel, it said . Well-known US senator Lindsey Graham posted: I hope that Ireland will reconsider their efforts to economically isolate Israel, as they are in a fight for their very existence. I do not believe these efforts would be well received in the United States and they certainly would not go unnoticed.' Senator Rick Scott also linked to The Hill article: 'This foolish move not only wrongfully targets Israel & the Jewish Community, but also harms American businesses. They should think twice about the message they're sending by passing this bill, which complicates our economic relationship & targets our ally.' This foolish move not only wrongfully targets Israel & the Jewish Community, but also harms American businesses. They should think twice about the message they're sending by passing this bill, which complicates our economic relationship & targets our ally. Other members of congress who have warned Ireland about the consequences of the problem including congress members Mike Lawler, Mike Crapo, Peter Stauber and Claudia Tenny among a growing number of US politicians, most of them Republican, who have vocally opposed the Occupied Territories Bill Two weeks ago US Senate Foreign Relations Committee chairman Senator Jim Risch said the Occupied Territories Bill 'will only lead to self-inflicted economic suffering' for the State. Writing on X, the veteran Republican senator for Idaho said: 'Ireland, while often a valuable US partner, is on a hateful, anti-Semitic path that will only lead to self-inflicted economic suffering. His comments were rejected by Taoiseach Micheál Martin. 'I would reject any assertion that this is anti-Semitic. I'm appalled of that assertion and that's something we're going to correct,' he said in response to Senator Risch's comments. 'We will work on our economic interests. We'll work to explain our position to interlocutors in the US and to the US administration.'
