If you’ve followed me for long, you know I believe the future of money is the most significant policy debate going on today. To frame this issue, it’s important to recognize that the right to transact predates any government. Two people who agree could trade or barter for anything by mutual consent without any outside influence. Then, governments were created, and shortly thereafter, they began using money as the "coin of the realm." Does the use of the government’s system of money mean they can set the rules? Even in that case, the government should honor the rules they have set.

Look at the dollar bill in your pocket. It says it clear as day: "This note is legal tender for all debts, public and private." That’s not just a slogan − it’s a promise. To foster adoption of the dollar as the currency, the promise was made: You can use this form of money anywhere in the country, and it will be accepted. Unfortunately, today, too many Americans walk into a store and get told, "No cash is accepted here."

Cash is trusted because no third party (or intermediary) gets between the parties of the transaction. As in the beginning, before the government, when two parties agree to the transaction, they complete the transaction. Money is restricted to its proper and limited use, serving only as an efficient means of exchange and a stable store of value. With cash, no third party takes a cut of the transaction. For this reason, many small businesses prefer cash. They lose as much as 5% to Visa or MasterCard for the service they provide, but cash doesn’t lose any value due to transactions.

Without question, the service provided by credit and debit cards is valuable. In seconds, they establish the identity of the buyer and seller, verify the creditworthiness of the buyer, pay the seller, and create a record of the transaction. In that instance, buyers are protected from losing their money. If you lose cash, it’s almost certainly gone. If you lose your credit card, the issuer will send you a new one. If someone uses your credit card without your permission, the credit card company assumes the risk. Credit cards are efficient. People love them. Banks love them. Lots of businesses prefer them. Government regulators prefer them to cash.

Nevertheless, cash still claims to be "legal tender for all debts, public and private," but that only holds if people can indeed use cash in their transactions. That’s why I’m proud to cosponsor the Payment Choice Act in Congress − a bipartisan fix to this mess.

The Payment Choice Act would require retailers to accept cash as a payment option for purchases of $500 or less. It would also prohibit charging fees or higher prices for cash payments and bring uniformity to the patchwork of different state and local laws that have emerged.

In Ohio, state Senators Bill Blessing and Catherine Ingram introduced similar legislation, Senate Bill 30, requiring retailers in Ohio to accept cash with exemptions for phone, mail, and online transactions. Their proposed legislation would serve Ohioans well, and I believe the Payment Choice Act would provide a solution for all Americans who choose to pay with cash.

Cash is freedom. Nearly 25 million American households (and 1 in every 25 Ohio households) are unbanked or underbanked, according to the Federal Deposit Insurance Corporation. The Payment Choice Act will protect their right to participate in our economy with legal tender − cash.

Cash is security. Cash works even if the electric grid goes down. Consider hurricanes in the Southeast, tornadoes or snowstorms in Ohio, or a cyberattack anywhere − digital payments grind to a halt. Last fall, storms left folks from Florida to North Carolina powerless for weeks. Ohio’s not immune either. When disaster hits, cash isn’t just handy − it’s a lifeline.

Cash is essential to defending freedom. Other forms of payment can be cancelled altogether. Cash keeps money in its proper realm as an efficient means of payment and a stable store of value. America should never become a cashless society, and as we become increasingly digital, self-custody of digital money must retain the characteristics of cash. Protect the right to transact. Pass the Payment Choice Act.

This piece originally appeared in the Cincinatti Enquirer on April 23, 2025.