The Money Committee wasted no time in passing legislation in their first week in session. The committee, chaired by Rep. Steve King passed two bills: HR 25 Penny Abolishment Act and HR 15 Management of the Farm.
Rep. Tom Cole's Penny Abolishment Act calls for the stopping of penny production immediately. The bill features a 5-year faze out period or the penny ending in fiscal year 2020. While Cole's bill does make an effort to cut costs, the savings are minuscule. In addition, the penny faze out defaces one of our great American heroes, President Lincoln. Will the money committee find another way to honor Lincoln?
The Management of the Farm, written by Rep. Virginia Foxx proposes a much larger cut in government spending that if passed, will likely have a material effect on federal budget savings. HR 15 consists of dramatic subsidy cuts given to agricultural firms around the United States. Amazingly, HR 15 passed in one session with few amendments. Members from the money committee, many of which have robust agriculture industries in their home districts, are beginning to face criticism from their constituents.
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