The Trump government has acknowledged its intentions of printing a $250 commemorative banknote with the likeness of US President, Donald Trump on it.
An action that will necessitate a repeal of the existing laws that have ensured that living individuals do not feature on the nation’s currency for over 160 years.
According to Secretary of the Treasury, Scott Bessent, there was nothing wrong with the plan during his appearance at a press briefing at the White House on Thursday.
He said that it was only right for the United States to commemorate the country’s 250th year since it approaches its independence day, 4th July.
“The ball is in Capitol Hill court,” said Bessent in a confirmation that the treasury department had already produced a design in preparation of the anticipated change of legislation.
A sample design features a picture of President Trump with the colors of the American flag, a logo that reads “250th” anniversary, and even the president’s signature.
Trump $250 Bill Act in the House, which would amend the Federal Reserve Act so that the bill can be produced.
But the bill has stalled in the House Committee on Financial Services just two months away from the anniversary celebrations.
US Treasurer Brandon Beach, an appointment of former President Trump, along with his chief of staff Mike Brown, persistently pushed employees at the Bureau of Engraving and Printing for the development of prototypes for the bill.
They were consistently rebuffed by Patricia Solimene, director of the Bureau of Engraving and Printing, citing the time consuming process of producing new money.
Federal law has prevented any living individual from appearing on US currency ever since 1866.
This law stems back to the time when a middle level official from the Treasury Bureau used his own picture for designing a five cent paper money bill, which prompted Congress to enact legislation barring any living individuals from featuring on currency.
With the approval of this proposal by Congress, Trump will become the first living individual to feature on US currency.
This move comes as part of a larger trend where the President’s picture gets incorporated into the working of the government institutions.
In the beginning of this year, the Treasury department made an announcement saying Trump’s signature would replace the treasury secretary and treasurer signatures on new currency notes.
It is by no means sure if the $250 bill will ever make its way into pockets.
It should be mentioned that the Bureau of Engraving and Printing says that creating a banknote can take several years and testing, and it is also necessary for the legislation to go through both houses of Congress.
For the moment, the ball lies in the hands of Congress.
