Treasury Secretary Scott Bessent said on Thursday that his agency had been working on a mock-up of a $250 note bearing the face of President Trump in preparation for an addition to the nation’s paper currency that would for the first time include the portrait of a living president.
Such a move would represent a dramatic remaking of American money, which currently is only allowed to bear the image of the deceased. Mr. Trump has also pushed for the creation of a $1 coin bearing his image and is having his signature added to U.S. currency this year. The initiatives are part of an effort by Mr. Trump to honor himself while commemorating the nation’s 250th birthday.
“I don’t think that there’s anything untoward about having the person who is president of United States on the 250th anniversary bill,” Mr. Bessent said at the White House.
The Treasury secretary noted that “at present, no living person can be on U.S. currency” and said there would be no changes to that policy unless Congress passed proposed legislation allowing Mr. Trump’s portrait to appear on a $250 note. Mr. Bessent acknowledged that political appointees at the Treasury Department had asked the Bureau of Engraving and Printing to begin preparations for the new currency.
The push to create a new note on the fly has stirred controversy within the bureau, which is part of the Treasury Department, and coincided with the abrupt reassignment last month of its former director, Patricia Solimene. In a note to staff that was reviewed by The New York Times, Ms. Solimene wrote that her move to another part of Treasury was not her choice.
“I have never sacrificed the values or character of myself or the organization and always prioritized the U.S. Currency Program and the value each employee brings to the mission,” Ms. Solimene wrote before signing off with: “The buck stopped here.”
Plans for the new $250 note and Ms. Solimene’s departure were reported earlier on Thursday by The Washington Post.
Mr. Trump has not been shy about his desire to leave his imprint on the nation’s economy or its money.
Last fall, the U.S. treasurer released designs for a commemorative coin bearing Mr. Trump’s image. The plan stirred accusations that the Trump administration was violating the law so that Mr. Trump could honor himself by putting his face on a coin. The 1866 law enshrined a tradition that individuals could appear on U.S. currency only posthumously, to avoid the appearance that America was a monarchy.
Mr. Trump’s handpicked arts commission voted in March to approve a commemorative, 24-karat gold coin bearing Mr. Trump’s image. It shows Mr. Trump with his fists pressed against a desk and a glowering expression on his face. The back of the coin features an eagle.
Separately in March, the Treasury Department said that Mr. Trump would become the first sitting U.S. president to have his signature on the greenback, appearing beside the signature of Mr. Bessent. Mr. Trump’s John Hancock would appear in place of that of the U.S. treasurer, who has traditionally signed American currency alongside the Treasury secretary.
Major changes to U.S. currency tend to be controversial and can take years because of its intricate security features.
A planned redesign of the $20 note that would have replaced Andrew Jackson with a portrait of Harriet Tubman was stalled during Mr. Trump’s first term. Steven Mnuchin, who served as Mr. Trump’s Treasury secretary then, said that the delay stemmed from the need to focus on anti-counterfeiting features on the currency.
The push for a new $250 bill bearing Mr. Trump’s likeness drew backlash from some Democrats in Congress on Thursday.
“If this White House put even half as much energy into working to lower costs as it does into stoking the president’s ego, American families wouldn’t need that new $250 bill just to fill up their gas tanks,” said Senator Mark Warner, a Democrat from Virginia.
Alan Rappeport is an economic policy reporter for The Times, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters.
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