On May 28th, local time, U.S. Treasury Secretary Steven Tatum announced at a press conference at the White House that the Treasury Department is ready to issue banknotes featuring the portrait of U.S. President Donald Trump, with a face value of $250. He urged both the Senate and the House of Representatives to quickly pass a bill that would amend U.S. law, thereby allowing the issuance of such banknotes.
Bessenert said, Currently, no portraits of living people can be printed on US dollars. Additionally, the words In God We Trust must be printed on the bills. Therefore, both the House of Representatives and the Senate have proposed a bill aimed at changing the first requirement, allowing portraits of living people like Donald Trump to be printed on 250-dollar bills.
At the press conference, Besent showed a draft of a $250 bill with Trumps portrait on it. He claimed that whether such bills could be issued depends on the U.S. Congress, but the Treasury Department is already prepared for this situation.
Currently, due to factors such as the war in Iran, inflation in the United States has increased, leaving the population facing a crisis of living costs. When asked whether it was wise to issue dollars with the portrait of Trump under such circumstances, Besent argued that there was nothing wrong with printing the portrait of the current president on the dollar, especially on the occasion of the 250th anniversary of the founding of the United States.
Bessenert insisted that after the Middle East conflicts end, gas and oil prices will drop rapidly. He believed that Kevin Warsh, the new chairman of the Federal Reserve, would do the right thing to balance inflation and economic growth.
May 28th, Washington, USA. U.S. Treasury Secretary Bennet attended a press conference at the White House. Photo by IC.
According to the US newspaper The Washington Post, in 1866, a portrait of a Treasury official involved in a scandal appeared on U.S. 5-cent banknotes. That year, the United States passed a law that prohibited the printing of portraits of living people on banknotes. It was only allowed to display portraits of deceased individuals on U.S. currency.
In February last year, Joe Wilson, a Republican congressman from South Carolina, introduced the Donald Trump 250 Dollar Bill Act. This bill sought to amend the Federal Reserve Act, allowing Trumps portrait to be featured on US dollars. However, after this bill was submitted to the House Financial Services Committee, no progress was made, and it has yet to be passed.
However, the Trump administration did not give up this plan. Records obtained by The Washington Post show that since last year, officials from the U.S. Treasury Department have been pressuring the Bureau of Printing and Publishing, which is responsible for printing currency, to design a $250 bill featuring Trumps portrait.
According to relevant records, British painter Ian Alexander is suspected of having designed this banknote for the U.S. Treasury Department. Alexander claimed to be a swimmer and sculptor, and had previously created portraits for the British royal family. He told The Washington Post that he discussed the design of the banknote with Trump.
If Wilsons bill passes in the U.S. Congress, Trump could become the first living person to appear on the dollar since nearly 160 years ago. In the House of Representatives, which is controlled by Republicans, the bill only needs a simple majority to pass. However, in the Senate, it requires 60 votes to pass. Currently, Republicans control only 53 seats in the Senate.
Democrats have expressed their opposition and mockery towards the bill. House Democratic Leader Hakeem Jeffries posted on social media: I firmly oppose the issuance of 250-dollar Trump-themed bills. Dont take yourself too seriouslythe upcoming American Independence Day is not meant to honor a person who wants to be king, but rather to celebrate the history of America.
Since returning to the White House, Trump has been trying to make his presence felt on the US currency. On March 26, the U.S. Treasury Department announced that Trumps signature would be added to all new versions of the dollar bill. This is the first time a U.S. presidents signature has appeared on the dollar bill, replacing the signature of the Treasury Secretary, which has been used since the United States began issuing paper currency in 1861.
