Media Contact: Patrick Wright -- Patrick.Wright@mail.house.gov
Washington, D.C. — Rep. Donald M. Payne, Jr.’s Payment Choice Act, H.R. 4395, passed the U.S. House of Representatives recently by a bipartisan vote of 224-198. The bill passed as an amendment to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, H.R. 2543.
The Payment Choice Act guarantees the right to pay in cash for all retail transactions under $2,000. Currently, there are 55 million Americans who lack a bank account or credit card and need to use cash to pay for their necessities. These Americans would be left out of the economy completely if cash is banned. Privacy is another concern when customers use digital payments. Data collection is a $200 billion industry and recent company data breaches in the U.S. and worldwide have revealed private information on millions of customers. In addition, cash is the only way to pay for items during a natural disaster. If a hurricane or other catastrophe were to knock out a power grid anywhere in the country, Americans would not be able to pay for critical, life-saving supplies to protect them and their families.
“I am pleased that my bill passed the House on a bipartisan vote,” said Rep. Donald M. Payne, Jr. “There are too many stores and businesses that want to reject American cash in favor of digital payments. But cash is the only option available for millions of Americans to pay for food, housing and other essentials. In addition, I have serious concerns about the safety and privacy of the data that companies are collecting from consumers during routine purchases. Besides, there are few things more American than cash. A few years ago, we were fighting over who should be represented on American paper bills. Now, it seems companies are more than ready to get rid of them entirely.”
Original source can be found here.
