Story perspectives
New Act Mandates Cash Acceptance for Transactions Up to $500
7/22/2025
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Story summary
- Senators John Fetterman and Kevin Cramer proposed the Payment Choice Act, mandating cash acceptance for transactions up to $500.
- Exceptions exist for cash conversion devices and temporary cash shortages.
- The act seeks to assist unbanked individuals and uphold cash as legal tender.
- For five years, businesses are exempt from accepting large bills, emphasizing smaller denominations.
