‘Monarch-style’ currency fight erupts as Democrats sue over Trump signature, rising ‘Epic Fury’ costs
WASHINGTON, DC: Senate Democrats have opened a formal inquiry into the Treasury Department’s plan to place President Donald Trump’s signature on newly issued US currency, a proposal announced on March 26 as part of the country’s 250th anniversary commemorations.
If implemented, it would mark the first time a sitting president’s name appears on US paper money.
In a letter sent Thursday, Senators Elizabeth Warren (D-Mass) and Jeff Merkley (D-Ore) asked Treasury Secretary Scott Bessent to explain the purpose, cost, and legal basis of the proposal.
The lawmakers also questioned how the initiative aligns with broader economic challenges, including inflation and market volatility.
Treasury claims ‘Golden Age’ justifies rebranding
Treasury officials have framed the move as part of a wider effort to commemorate the nation’s semiquincentennial.
Secretary Bessent said the redesign reflects what he described as a period of economic strength, citing currency stability and broader fiscal indicators.
US Treasurer Brandon Beach also supported the proposal, stating that the planned changes are intended to highlight recent economic developments and national milestones.
However, in their letter, lawmakers pointed to ongoing economic pressures, including rising mortgage rates and cost-of-living concerns, arguing that such initiatives should be weighed against the current financial conditions affecting households.
Legal ‘loopholes’ bypass 1866 Thayer Amendment
The proposal has raised legal questions tied to longstanding restrictions on depicting living individuals on US currency. The 1866 law, commonly referred to as the Thayer Amendment, has historically prevented such representations.
Treasury officials have cited provisions within the Circulating Collectible Coin Redesign Act of 2020 as authority for broader redesign efforts tied to the 250th anniversary.
The department has indicated that this law allows flexibility in updating both coins and currency for commemorative purposes.
The same framework has already been used to approve commemorative coins, including a gold coin design that recently received clearance from the Commission of Fine Arts.
Affordability crisis vs. commemorative costs
In their inquiry, Warren and Merkley requested detailed cost estimates for redesigning and issuing updated currency. They asked the Treasury to clarify how the initiative fits within current fiscal priorities.
The letter also referenced recent economic indicators, including fluctuations in the stock market and projections related to inflation.
Lawmakers raised concerns about whether resources allocated to redesign efforts could be directed toward addressing broader economic challenges.
The Treasury Department has not yet released a full cost breakdown of the program.
Commission of Fine Arts under fire
The approval process for commemorative designs has also drawn attention. The Commission of Fine Arts, which reviews such proposals, approved the gold coin design associated with the anniversary plans.
Questions have been raised about the composition of the commission and its role in evaluating the designs. Officials have not indicated any changes to the approval process moving forward.
