Fetterman defends cash: 'Every American should be able to use paper currency'

In a new break from the policies that Democratic leaders have been advocating, Senator John Fetterman introduced with his Republican colleague Kevin Cramer a bipartisan bill that defends the survival of cash in the face of the advance of digital payment options. For the Pennsylvania lawmaker, it is a necessary measure because "millions of people in this country ... don't have access to bank accounts, and they must be able to go shopping with their hard-earned dollars."

In a joint statement, the senators explained that the goal of this new rule is "to preserve payment options for consumers. This legislation ensures customers can use cash as a form of payment and are able to do so without being charged higher prices."

Fetterman noted, "If you’re open for business in America, you should take U.S. dollars. I’m proud to introduce the bipartisan 'Payment Choice Act' with Senator Cramer because every American should be able to use paper currency if they choose. We have millions of people in this country who don’t have access to bank accounts, and they must be able to go shopping with their hard-earned dollars.”

About 4.5% of Americans do not have a checking or savings account

According to the media release, "While the majority of American households have access to financial services, 4.5% of U.S. households do not have a checking or savings account. Those without access to financial services are more likely to have lower incomes, less education, or be a member of a racial or ethnic minority group. Despite a decline in cash payments during the last few years, this demographic still represents nearly 20% of all payments in the U.S. economy."

Cramer added that this is an initiative that seeks to defend citizens' financial freedom: "Cash is still legal tender in the United States, despite some businesses’ exclusive acceptance of electronic payments. Forcing the use of credit and debit cards or imposing premium prices on goods and services paid for with cash limits consumer choice. Americans should have the option of using cards or cash, but they should be the ones who make that choice."

Cash is "vital for small businesses across the country"

In addition, maintaining cash as a form of payment "is vital for small businesses across the country, not to mention the millions of underbanked Americans who rely on consumer choice in payment for goods and services," said Brian Brotsch, president of the Amusement & Music Operators Association. No less important is the last aspect highlighted in the note, in this case in the words of Bruce Renard, executive director of the National ATM Council (NAC):

"The continued vitality and universality of cash in America is essential to maintaining the U.S. Dollar’s position abroad as the world’s premier fiat currency, while also preserving personal financial freedom of choice and purchasing privacy for us all here at home."