If new legislation from a House Republican has reportedly been enacted into law, a portrait of former President Donald Trump would reportedly soon be featured on $500 bills.
The Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act, which was introduced by Rep. Paul Gosar (R-AZ) on Wednesday, would mandate that the Treasury secretary produce $500 Federal Reserve notes featuring Trump’s likeness.
“First, larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services. Additionally, the absence of large-denomination currency issued by the Treasury encourages Americans to rely on digital banking, which faces greater vulnerability to surveillance and censorship.” Gosar said in a statement.
At present, the federal government does not provide U.S. currency denominations exceeding $100.
The Bureau of Engraving and Printing reports that the last prints of larger denominations, such as $500 notes, occurred in 1945 and were not reissued until 1969. John Marshall, a Founding Father who served as a House representative, secretary of state, and chief justice of the U.S. Supreme Court, was depicted on previous $500 notes.
The portrait of William McKinley, the 25th president of the United States, was featured in a few additional series. The $100,000 Gold Certificate was the bureau’s largest-ever note.
The legislation is confronted with significant obstacles. The House is currently under Republican leadership, and they are largely in agreement with Trump as he pursues an additional term.
The Senate and the White House are currently under Democratic control.
However, Gosar argued that his proposal could serve as a source of federal revenue at a time when the national debt is on the brink of the $35 trillion mark and shows no indication of calming down.
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