Rep. Lisa McClain, R-Mich., told Newsmax Friday getting rid of the penny would save $200 million a year.

McClain proposed the Common Cents Act, which would mandate the U.S. mint to cease producing pennies. The bill would also mandae that all cash transactions be rounded up or down to the nearest 5 cents.

On “National Report,” McClain said the legislation was about codifying President Donald Trump’s executive order to get rid of the penny. In February, Trump announced his preference for getting rid of pennies as a means of financial transaction saying they’ve become outdated and wildly inefficient to produce.

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