Rep. Paul Gosar wants to create new $500 bill with Donald Trump's portrait
- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
Rep. Paul Gosar is sponsoring legislation that would put former President Donald Trump’s face on the $500 bill.
The bill, called the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act, proposed earlier this month requires the Treasury secretary to print $500 Federal Reserve notes with a portrait of Trump.
Gosar, R-Ariz., said the larger currency value will give Americans more options to "save and exchange goods and services" and reduce use of digital banking.
"Furthermore, from a collector’s perspective, these $500 Trump bills will become highly sought after, generating revenue for the government through increased demand for numismatic items," Gosar said.
Gosar's announcement on X, formerly known as Twitter, set off a frenzy of positive and negative reactions. One X user, Imran Igra, @imranigra, said the proposal is something new for a change. Another X user with the handle @thejmills said the bill is a waste of taxpayer dollars.
Just introduced H.R. 8620, the TRUMP Act, legislation requiring the Treasury print $500 Federal Reserve notes featuring a portrait of the 45th President of the United States, .@realDonaldTrump. Read more here👇👇https://t.co/uahl0TeS63
— Rep. Paul Gosar, DDS (@RepGosar) June 6, 2024
The Federal Reserve approved larger dollar bill values ranging from $500 to $10,000 were approved in 1918 for interbank transactions until checks gained popularity in 1969. The 25th U.S. President William McKinley was on the $500 bill.
Gosar said his proposal would also help add more value to currency as inflation rises.
This year's inflation rates remain elevated but below its height in 2022. May's inflation rate was reported at 3.3% compared to 4% last year, according to U.S. Bureau of Labor Statistics.
“This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues,” he said.
Gosar isn't the first Arizona Congress member to advocate for changes to U.S. currency. The late Rep. Jim Kolbe, a former Republican from Arizona, attempted to abolish the penny several times during his time in office because it costs more to make than it's worth.
This article originally appeared on Arizona Republic: Paul Gosar bill would create a $500 bill with Donald Trump's face
