Rose Pushes Fed Chair to Provide Answers for Coin Shortage

Press Release

Today, Congressman John Rose (TN-6) advocated on behalf of Tennessee bankers, retail businesses, and their customers by pushing Federal Reserve (Fed) Chairman Jerome Powell in his biannual report to Congress for answers to why the Fed has failed to fulfill weekly coinage orders to banks in Tennessee and across the country.

"I'm curious what the Federal Reserve would suggest banks and retail businesses do to deal with this shortage," Rep. Rose said. "I'm thinking about not only the banks and other retail businesses, but their customers, who will be faced with the prospect of having to round up or round down. In a time when pennies are the difference between profit and loss, it seems to be a bigger concern than the Fed's announcement indicated that it is."

Congressman Rose called on the Fed to issue more robust guidance to banks across the country dealing with this issue and Chairman Powell committed to do so.

Rep. Rose stressed to Powell, "We don't want to wake up to headlines of "Banks Out of Money.'"

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