GOP Legislation Proposes To Put Trump On $500 Bill

Daily Report June 07,2024

Rep. Paul Gosar (R-AZ) has introduced the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act, which proposes to add the former president Donald Trump’s face on a $500 bill if it gets enacted into law.

The legislation aims to honor Trump’s legacy and provide practical advantages such as empowering Americans with the freedom of tangible options to save and exchange goods and services.

Gosar argues that the bill will generate revenue for the government and reduce Americans’ reliance on digital banking. The U.S. currently prints currency up to $100, but larger denominations, including $500 bills, were last printed in 1945 and issued until 1969.

These bills featured notable figures, including John Marshall, former secretary of state and William McKinley, the 25th U.S. president. According to Daily Wire, the largest-ever note printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate.

“First, the larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services, Gosar said. “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.”

According to the outlet, the TRUMP Act has a low chance of being passed into law due to the Democratic control of the White House. Despite this, Gosar believes that the $500 Trump bill will be sought after by collectors, generating revenue for the government through increased demand.

According to the lawmaker, collectors are drawn to currency with unique designs and historical significance and bills featuring the former president will attract considerable attention from collectors.

The bill will undoubtedly create a market for the $500 Trump bills far beyond their face value and increase the government’s seigniorage earnings, thus increasing overall revenues.

At a time when inflation under President Joe Biden’s administration continues to devalue the currency, Gosar believes that the bill could generate revenue for the federal government, especially at a time when the national debt is approaching $35 trillion with no signs of slowing down.

“As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages,” Gosar said.

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