Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the circulation of physical coinage has ground to a halt amid the coronavirus outbreak but that the central bank is working to fix the flow.
The topic came to light after Rep. John Rose, R-Tenn., said banks in Tennessee are reporting that they’re receiving smaller-than-usual sums of coinage each week. Rose asked Powell if the central bank was aware of any shortages in the production and distribution of currency, and if there are plans to boost the allocations to their usual levels.
“What’s happened is, with the partial closure of the economy, the flow of coins through the economy has … kind of stopped. The places…