Latest news with #SteveStivers
Axios
3 days ago
- Business
- Axios
The penny's days are numbered
The federal government is phasing out the penny to save money — and while change is hard, an Ohio business leader tells us losing the cents makes sense. Why it matters: The coin's demise means prices for cash transactions will need to be rounded, impacting business' pricing strategies and consumers who rely on cash (typically older and lower-income Americans). Catch up quick: The U.S. Mint will stop making the coins early next year. The Treasury Department placed its final order for blank templates last month. Stopping production will save the government $56 million a year in reduced material costs, a Treasury spokesperson said. Production costs have risen from 1.3 cents to 3.69 cents for every penny over the past decade. The big picture: For similar reasons, Canada discontinued its penny in 2012 and Australia and New Zealand stopped producing their lowest-denomination coins decades ago. How it works: The Treasury told the Wall Street Journal businesses will need to round up or down to the nearest 5 cents once there aren't enough pennies to use in everyday cash transactions. Cashless transactions will still be priced at exact change. Zoom in: "I haven't heard a thing from our members about it," Ohio Chamber of Commerce president and CEO Steve Stivers tells Axios. Typically, mandates concerning whether businesses can or can't take cash — like a state bill introduced in January — are more controversial, he says. Local businesses are increasingly going cashless, including major institutions like sports arenas, the zoo and amusement parks. Stivers said he will be paying attention to the rounding logistics as they play out. Flashback: A former U.S. representative, Stivers sponsored legislation for pennies to be made of steel, rather than copper, zinc and nickel, to cut costs. The intrigue: A 2022 Federal Reserve report found $14 billion — about 60% of actively circulating coins — is sitting in jars and not flowing in the economy. The bottom line: "As we move to a more digital world, it's less and less important whether there is a coin to back something up," Stivers says.
Yahoo
07-05-2025
- Business
- Yahoo
Issue 2: Voters approve infrastructure bond issue
COLUMBUS, Ohio (WCMH) — Ohio voters approved continuing to fund the state's major infrastructure projects through a $2.5 billion bond issue on the primary election ballot Tuesday. Issue 2 will, through a state constitutional amendment, allow Ohio to issue bonds to help local governments pay for infrastructure projects, including roads and bridges, wastewater treatment plants, and more, via the State Capital Improvement Program. 'Our members think infrastructure is important because they drive on the roads every day, and they want them to be safe and they want them to be, to have good quality roads so they don't damage our cars or trucks or commercial vehicles,' Ohio Chamber of Commerce President Steve Stivers said. A 'yes' vote on the ballot extended the bond issue. Which school issues central Ohio voters approved in May 2025 election 'Issue 2 is important for local infrastructure. Issue 2 will help create about 35,000 good-paying jobs, mostly construction jobs,' Stivers said. The program will fund $2.5 billion over 10 years, or $250 million per year, for those projects. This is an increase in funding of $50 million per year. While the bond issues won't increase residents' taxes, those state taxes would be used to pay down the bond issues over a possible 30-year period. 'We have lots of discussions about what we should spend money on, obviously, but almost all Ohioans agree on roads and bridges and infrastructure, and all Ohioans benefit,' Ohio Speaker of the House Matt Huffman said. The bond program was first instituted in 1987, with voters approving it three times since – in 1995, 2005, and 2014. That first bond issue was for $120 million per year. Election results are unofficial until certified by their county's board of elections. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to NBC4 WCMH-TV.
