In recognition of the crucial role cash plays in keeping the US economy fair and inclusive, new legislation has been proposed with bipartisan support to ban cashless-only businesses.
State Senator Shevrin Jones, a Miami-Dade County Democrat, and State Representative Joel Rudman, a Panhandle Republican, have sponsored Senate Bill 106 and House Bill 35 which, if passed, will require businesses accept cash with no added fees or conditions. The legislation would apply to in-person businesses, and except those which operate online, by phone or mail, and those offering services from accountants, attorneys, financial advisors and select other trades.
Rudman says that when cash is not accepted, ‘you are basically disenfranchising or cutting off entire communities.’ Jones adds that, in the rush to cashless business, ‘we are definitely leaving some people behind.’ They aim to remedy this inequality by ensuring physical money will be accepted alongside digital payment, allowing everyone full payment choice.
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- State Senator Shevrin Jones
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- Everyone, regardless of their financial status or their background, deserves to take part in our economy. We have to understand that there are people who are not able to participate in the economy if we are saying cash is not accepted.
An additional consideration alongside inclusivity is economic resilience, in a state that experiences frequent natural disasters, such as hurricanes, tropical storms, floods and wildfires. Jay Zagorsky, a clinical associate professor at Boston University’s Questrom School of Business, suggests the legislation is key to supporting effective disaster response.
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- Jay Zagorsky, Clinical Associate Professor, Boston University’s Questrom School of Business
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- This bill ensures both financial inclusion and that businesses continue to operate when Mother Nature targets Florida. The cashless society depends on three pillars: continuous and stable electricity, robust telecommunications and secure computers. During major natural disasters, telephone networks go down, electricity grids fail and computers do not work.
Florida would be the latest in a long list of US regions to enshrine the right to pay for goods and services with cash in law. Closing out 2023, Wisconsin and Los Angeles were the latest to introduce pro-cash laws, joining states including Arizona, Colorado, Massachusetts, Michigan, New York and Mississippi.
