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Republican Arizona Rep. Paul Gosar introduced legislation in early June seeking to make President Donald Trump the face of the $500 bill.
Gosar introduced a bill to lawmakers on June 5 to propose his idea of Trump on the out-of-print dollar bill, calling it the “Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act.” In a statement released with the filing, Gosar slammed Joe Biden’s inflation and listed the “practical advantages” of featuring Trump on the bill.
The GOP lawmaker claimed that a larger-value currency would empower “Americans with the freedom of more tangible options to save and exchange goods and services.” Gosar also stated that the absence of a larger-value currency pushes Americans to rely on “digital banking,” noting how, from a “collector’s perspective,” the bill would become “highly sought after.”
“Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors. 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,” Gosar said in a press release.
President Trump has continued to call out Biden’s rising inflation, as Americans have felt the impact on their wallets this year.
A recent report by FinanceBuzz found that fast food companies such as McDonald’s, Popeye, and Taco Bell have all significantly raised their menu prices, as the Bureau of Labor Statistics has stated the increase is climbing “faster than grocery prices.”
Due to the sharp incline, nearly 80 percent of Americans now view fast food as a “luxury” item, with over 50 percent of Americans surveying that they have cut back on purchasing because of the increase, according to a poll conducted by Lending Tree.
