Arizona's Republican Congressman Paul Gosar has proposed that the Federal Reserve should introduce $500 bills adorned with the portrait of former President Donald Trump.
Gosar, a reliable Trump supporter and a respected member of the Republican party in Congress, is the author of the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act. He asserts that this legislation will "empower Americans with the freedom of more tangible options to save and exchange goods and services."
Gosar argues that amid the ongoing inflation under President Biden, which he terms "Bidenflation", the introduction of $500 bills featuring Trump's portrait would offer several practical benefits. "As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages," stated Gosar.
The proposed legislation would mandate the Secretary of the United States Treasury to issue $500 Federal Reserve notes bearing Trump's portrait. Gosar also suggested that the inclusion of Trump's face on the currency could potentially boost tax revenue due to increased demand for these "numismatic items."
"Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors," Gosar explained.
However, given the current Democratic majority in the Senate and the White House, the likelihood of such legislation passing, particularly with Trump's face on the bill, is virtually non-existent.
The existing U.S. currency denominations feature the portraits of several historical figures, including George Washington on the $1 bill, Thomas Jefferson on the $2 bill, and Benjamin Franklin on the $100 bill, among others. The Treasury Department has previously issued $500 bills, but these were discontinued in 1969 due to their infrequent use.
Login