U.S. Sens. Tom Harkin, D-Ia., and John McCain, R-Ariz. are co-sponsors of legislation to phase out the dollar bill over a four-year period and force the country to begin using the 1.4 billion dollar coins that are in storage at the Federal Reserve, according to The Des Moines Register in Des Moines, Ind. For the full story, click here.
Editor’s Insight: The time has come to resume the battle against the dollar bill, providing there is a broad coalition to support this effort. This marks a change in position I have stated as recently as last fall, but the arguments for eliminating the dollar bill are stronger today in light of the rising public concern about the environment and the need to save the government money. The sponsors recognize up front this will not be an easy fight, but they think it’s important to keep fighting.
The vending industry has long recognized the benefits for eliminating the dollar bill, but today, those benefits are more important than ever. The dollar bill is the “governing” denomination that forces consumers to consider all of their small ticket purchases in terms of dollar bills. Because of this, vending operators have faced a difficult time raising prices over one dollar, particularly in candy/snack machines. The vending industry certainly cannot attempt to take on this lobbying effort without support from other industries. The vending industry also must carefully consider how much of its resources to allocate to this cause, given that it is a long-term proposition and there are other legislative areas that need to be considered as well. Nevertheless, the vending industry needs to make its voice heard on eliminating the dollar bill. 03-12-12 By Elliot Maras
