Donald Trump’s cash problem

Weโve all seen Donald Trumpโs mugshot, but what about his face on a $500 bill? Arizona Rep. Paul Gosar has introduced legislation that would do just that. However, itโs just another political stunt by an off-the-rails Republican lawmaker that is destined for failure. Rather than offer serious proposals to address the nationโs challenges, Gosar once again is proving he holds office to manufacture headline-grabbers aimed at keeping Trumpโs political future alive.
Gosarโs bill, โTreasury Reserve Unveiling Memorable Portrait Act of 2024โ or the โTRUMP Act of 2024โ (get it?), would put the unnecessary $500 bill back in circulation after several decades of dormancy. One major reason this bill is doomed is because it would violate the Thayer amendment, an 1866 federal law that bans living people from being honored on U.S. currency, requiring history-based reflection.
In a brief statement, Gosar lectured that these new Trump D-notes are necessary โ[a]s Bidenflation continues to devalue our currency.โ He then proceeded to list peculiar arguments, such as that such larger-denomination bills would help Americans stop using digital banking, โwhich faces greater vulnerability to surveillance and censorship.โ Gosar finished by plugging the unhinged idea that the Trump bills would be a huge revenue-producer for the government because they would be exchanged โfar beyond their face value.โ
In contrast to Gosarโs political stunt, the Trump administration tried to derail Obama-era plans to redesign the $20 bill to feature Harriet Tubman, rather than keep Andrew Jacksonโs portrait. This redesign initiative complies with the law while aiming to honor a key historical figure who fought for freedom and equal rights. Unlike Gosarโs latest Trumpian fantasy, the Tubman bill is likely to become a well-deserved reality.
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Ron Leshnower is a lawyer and the author of several books, including President Trump’s Month