At a press conference on Thursday, Treasury Secretary Scott Bessent showed a proposed $250 bill featuring Donald Trump, sparking a political battle. The White House is pushing Congress to approve the banknote to celebrate the US's 250th anniversary, but Democrats have vowed to block the move.
Proposal and Legal Hurdles
Bessent stated that the treasury has already begun preparations for the new currency, which would require changing federal law that prohibits any living person from appearing on US currency. He emphasized that the treasury would "stick to the law" and that the decision rests with Capitol Hill.
The Washington Post reported that two of Trump's political appointees at the treasury had pushed staff to create prototypes, raising concerns about breaching federal law. The artist behind the prototypes is Iain Alexander, a British royal portrait artist and former Olympic squad swimmer.
Political Reaction
When asked about the timing as many Americans struggle with everyday expenses, Bessent defended the idea, saying there was nothing "untoward" about featuring the president who was in office during the 250th anniversary. The legislation would need a simple majority in the Republican-controlled House but faces an uphill battle in the Senate, where Republicans hold 53 seats and need 60 votes.
Hakeem Jeffries, the top House Democrat, immediately derided the proposal, writing on X: "Hard no on a Trump $250 bill. Get over yourself. The upcoming July 4th anniversary is not about a wannabe King. It's about celebrating the American journey."
Historical Context
Congress voted in 1866 to prohibit living persons on currency after a sex scandal involving the currency superintendent, who appeared on the five-cent note. Bessent also addressed other issues, predicting that gas and oil prices would drop quickly after the US-Israel conflict in Iran ends and expressing confidence in new Federal Reserve Chair Kevin Warsh.
