The Bureau of Engraving and Printing is instructed by the proposal to create this new money.
Should it be accepted, Trump would be the only president currently in office to appear on US currency.
Wilson cites ‘Bidenflation’ as reason for new bill
Wilson attributed the need for a bill with a higher denomination to “Bidenflation,” asserting that the economy now requires Americans to carry more cash. “Most valuable bill for most valuable president!” he said.
Critics of President Joe Biden coined the term to describe inflation during his administration.
Inflation hit 9.1% in mid-2022, the highest since the early 1980s. The White House blamed the rise on global factors such as supply-chain issues, the COVID-19 pandemic, and the war in Ukraine.
Policy impact
Inflation is attributed by critics to Biden’s policies. Critics, however, blame Biden’s policies, including increased government spending and energy regulations.
Despite falling to 3% by 2025, inflation remains a concern for Trump’s presidency. Trump has promised that inflation would “vanish completely” upon his return to office.
But a Labor Department report in January showed consumer prices experiencing their largest increase in nearly 18 months.
Tariff effects
Trump’s tariffs expected to impact inflation
Trump’s announcement of tariffs on imports from Mexico, Canada, and China is likely to further affect inflation.
Goldman Sachs estimates these tariffs could increase consumer price inflation by 1%.
In the US, only currency issued by the Treasury Department and the Federal Reserve is considered legal tender for debts, taxes, and purchases. Any private or novelty banknotes portraying Trump or another figure are just commemorative artifacts or keepsakes with no official monetary value.
Legislation announcement
Bill is yet to be introduced
The bill is yet to be introduced to Congress, and no timeline has been set for its introduction.
If passed, it would create the most valuable legal tender in US currency history.
In 1866, Congress approved legislation forbidding the depiction of any living person following a public outrage over a depiction of then-living Treasury officer Spencer Clark on the 5-cent note.