There is a bipartisan move in the US Congress to assure that people can continue to use cash to. make purchases, banning businesses from accepting only credit and debit cards.
Bills have been introduced in the Senate – by Sen. Bob Menendez (D-New Jersey) and Sen. Kevin Cramer (R-North Dakota) – and the House of Representatives – by Rep. Donald Payne Jr. (D-New Jersey) and John Rose (R-Tennessee) – that they say will protect people who are unbanked, as well as those who simply choose to use cash.
“Cash is the only option available for millions of Americans to pay for food, housing and other essentials,” Payne said at a recent press conference.
While use of cash dropped significantly during the pandemic, cash still represents close to 20 percent of all payments in the US. At the same time, close to five percent of US citizens are estimated to be unbanked or under-banked.
There are several states and cities that already have adopted laws protecting the use of cash.
KC’s View:
I carry cash, just because I like to use cash from time to time. And I understand the whole unbanked issue.
But I can’t help but feel that these folks are fighting the last war as opposed to trying to figure out how to fight the next one. I’m not sure what it is, but cash strikes me as having an expiration date.
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