(WHTM) As more businesses go cashless, Sen. John Fetterman (D-PA) wants to make it illegal to refuse legal tender.
Fetterman, along with Sen. Kevin Cramer (R-ND), introduced the Payment Choice Act on Thursday. It would require businesses to accept cash without any strings attached.
“It’s simple,” Fetterman said, “if you’re open for business in America, you should take U.S. dollar.”
Under the proposed legislation, businesses must either accept cash or provide a device that converts cash to a prepaid card so long as it does not charge a fee. Businesses could refuse payments made with $50 bills or larger.
Failure to comply would come with a $500 fine for a first offense and not more than $1,500 for subsequent offenses.
The bill earned the support of the National ATM Council, which represents the business interests of ATM owners.
Americans going cashless has increased by double digits in less than a decade, according to the Pew research Center. In 2022, 41% said they paid for none of their purchases with cash.
Despite the declining rate, Fetterman said cash still make up 20% of all payments in the country.
