Fetterman and Cramer Push for Cash Acceptance Bill

Senator John Fetterman, a Democrat from Pennsylvania, has teamed up with Republican Senator Kevin Cramer from North Dakota to advocate for a new bill aimed at ensuring that businesses accept cash for in-person purchases.

They introduced the legislation, called the “Payment Choice Method,” on July 17. The bill includes exceptions where businesses can use machines to allow customers to trade cash for prepaid cards without any additional fees.

It stipulates that any business accepting in-person cash transactions should accept cash payments of up to $500 per transaction. “People engaged in business selling or providing goods or services to the public should accommodate cash payments,” the proposed law states.

Fetterman emphasized the importance of not restricting consumers on how they spend their hard-earned money. He stated, “It’s simple. If you’re open for business in America, you should accept US dollars.”

Alongside Cramer, he expressed pride in presenting a bipartisan effort. Fetterman highlighted that millions of Americans lack access to bank accounts, underlining the need for them to use cash for daily shopping.

Cramer raised further concerns regarding a trend where some companies exclusively accept electronic payments, thereby limiting consumer choices. He pointed out, “Cash is still considered fiat currency in the US.”

Additionally, Cramer warned that a reliance on credit and debit cards could impose higher prices on consumers who prefer cash transactions. “Americans deserve the choice between cards or cash,” he said. “It’s about allowing them to make that decision.”

The joint statement also recognized that many Americans, particularly those from low-income backgrounds or minority groups, still do not have access to traditional banking services.

While cash usage has declined lately, it still accounts for nearly 20% of all payments made in the US, according to the Federal Reserve Bank of San Francisco.