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 again today as an amendment to the National Defense Authorization Act or NDAA (H.R. 7900). 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 goods and services. 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 materials to protect them and their families. Rep. Payne, Jr.’s bill passed the House last month as an amendment to the Financial Services Racial Equity, Inclusion, and Economic Justice Act, (H.R. 2543). But the inclusion of this bill into the NDAA improves its chances to pass the Senate and become law.
“I am pleased that my bill passed the House again because there is a war on cash in retail stores and businesses across the country,” said Rep. Donald M. Payne, Jr. “There are too many of them that want to reject American currency in favor of digital payments. But cash is essential for millions of Americans to pay for food, housing and other necessities. In addition, it is a private means of payment with no digital record. I have serious concerns about the safety of the data that companies are collecting from consumers during routine purchases. 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 want to eliminate them completely.”
Original source can be found here.
