Donald Trump is set to become the first incumbent US president to have his name printed on US currency, the US Treasury announced on Thursday.
The first bills featuring Trump’s signature and that of US Treasury Secretary Scott Bessent are set to be printed in June, and other denominations will follow suit in subsequent months.
In addition, this change will also signify a new tradition in US currency since 1861, as the signature of the US Treasurer will be removed for the first time.
The change is intended to honor America’s upcoming 250th anniversary celebration scheduled for 4 July this year.
In this context, US Treasury Secretary Scott Bessent declared that Trump’s influence on the US economy is undeniable and that it is a change that is not only appropriate but also well deserved.
Currently, the US Treasury’s Bureau of Engraving and Printing is still printing bills featuring the signatures of former US Treasury Secretary Janet Yellen and former US Treasurer Lynn Malerba, who served under US President Joe Biden.
Malerba will be the last in a line of US Treasurers to have their signatures printed on US currency since it was first issued.
The announcement is the most recent in the Trump administration’s series of branding initiatives.
The US Institute of Peace in Washington and the Kennedy Center for the Performing Arts have already added his name.
Additionally, it is now linked to government savings accounts, discount prescription drug programs and planned warships.
The design for a 24 karat commemorative gold coin with Trump’s image was approved earlier this month by a federal arts commission and a $1 circulating coin with his image is also being considered.
The basis of this action is also under scrutiny. In fact, federal law prohibits any living U.S. president from being depicted on any U.S. currency.
This law does not cover coins. Democrats in Congress have introduced legislation that would prohibit any living U.S. president, whether sitting or not, from being depicted on any U.S. currency.
Regarding whether including a signature on paper currency is a step over a legal line, there are differing opinions.
In fact, Michael Bordo, director of the Centre for Monetary and Financial History at Rutgers University, said that such a move would inevitably spark a political reaction.
However, he also stated that such a decision could rest with the Treasury Secretary.
This is because Congress granted this power to the Treasury Secretary in 1862 so that paper money could be designed and printed to pay for the Civil War.
US polling has consistently shown that the American people are overall dissatisfied with the economy and the current state of inflation and the cost of living.
This is not the first time the president has put his name on government payouts.
In 2020, the president had his name printed on Covid 19 stimulus checks sent directly to American households.
This latest move is on a much larger scale, however, with the president’s signature being applied to the most widely disseminated symbol of American economic power in the world.
