HB1761 amends the Federal Reserve Act to require the Secretary of the Treasury to print Federal Reserve notes in a new $250 denomination that must feature a portrait of Donald J. Trump, and it changes federal law to permit depictions of living or former Presidents on U.S. currency and securities.
The bill also contains a 'sense of Congress' provision framing the note as a commemorative issue for the semiquincentennial.
This is consequential on three fronts: it creates a previously unused denomination, forces a mandatory design and production timeline on the Treasury, and overturns a long-standing prohibition on portraying living persons on U.S. currency and securities — a change with legal, logistical, and symbolic implications for the Treasury, Federal Reserve, banks, and cash-handling industries.
At a Glance
What It Does
The bill inserts a statutory requirement that the Secretary of the Treasury print $250 Federal Reserve notes bearing Donald J. Trump’s portrait not later than one year after enactment. It also amends 31 U.S.C. 5114(b) to exempt individuals who are or have been President from the prohibition on depicting living persons on currency and securities.
Who It Affects
The Department of the Treasury (including the Bureau of Engraving and Printing), the Federal Reserve System, banks and cash-handling businesses, manufacturers of ATMs and bill validators, and currency collectors. It also affects contractors who design and print U.S. paper currency.
Why It Matters
The measure creates a new legal denomination and imposes a binding design and production timeline on the Treasury, while changing a longstanding legal rule about living-person portraits—setting a precedent for who may appear on U.S. money and shifting operational burdens onto Treasury, the Fed, and private-sector cash infrastructure.
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What This Bill Actually Does
The bill is short and surgical. It starts with a short-title clause and a nonbinding "sense of Congress" that frames the $250 note as a commemoration of the nation's 250th anniversary.
That phrase signals congressional intent but imposes no legal obligation.
The operative mandate amends the Federal Reserve Act by adding language that requires the Secretary of the Treasury to print Federal Reserve notes in the $250 denomination and to include a portrait of Donald J. Trump.
The statute sets a firm timeline: printing must begin within one year of the amendment's enactment. The bill does not define "print" further, nor does it explicitly require the Federal Reserve to put those notes into general circulation, withdraw other denominations, or set issuance volumes.Separately, the bill alters 31 U.S.C. 5114(b), which previously barred the use of living persons' likenesses on U.S. currency and securities.
The amendment removes that categorical ban for individuals who are or have been President, clearing the way for living Presidents to appear on both paper currency and securities where this code section applies.Taken together, the bill converts a commemorative idea into a statutory command with operational consequences: the Bureau of Engraving and Printing will need a design that meets statutory portrait requirements and anti-counterfeiting standards, Treasury and the Federal Reserve must decide whether and how to issue the notes, and banks and cash-equipment manufacturers will face the practical task of integrating a new denomination into an ecosystem built around existing bills.
The Five Things You Need to Know
The bill mandates that the Secretary of the Treasury print $250 Federal Reserve notes carrying a portrait of Donald J. Trump within one year of the law taking effect.
It creates a new statutory denomination—$250 Federal Reserve notes—which does not currently exist in U.S. currency series.
The measure amends 31 U.S.C. 5114(b) to permit individuals who are or have been President to appear on U.S. currency and securities, removing the prior blanket prohibition on likenesses of living persons.
The legislation includes a nonbinding "sense of Congress" that the $250 note would commemorate the semiquincentennial; that clause carries no operational or funding instructions.
The bill requires printing but is silent on issuance volume, whether the notes must be placed into general circulation, and who pays for redesign, distribution, or equipment updates — leaving those operational questions to Treasury, the Federal Reserve, and other agencies.
Section-by-Section Breakdown
Every bill we cover gets an analysis of its key sections.
Short title
Designates the act as the "Donald J. Trump $250 Bill Act." This is purely nominal and does not change any obligations beyond providing an official name for citation and reference.
Sense of Congress regarding the semiquincentennial
Offers a nonbinding statement that $250 bills with Trump's portrait should be printed to commemorate the U.S. semiquincentennial. Because "sense of Congress" clauses express intent rather than impose legal duties, this part signals legislative purpose but creates no enforceable timeline or funding requirement by itself.
Mandatory printing of a $250 note with a specified portrait
Adds an eighth undesignated paragraph to section 16 of the Federal Reserve Act (12 U.S.C. 418), commanding the Secretary of the Treasury to print $250 Federal Reserve notes featuring a portrait of Donald J. Trump within one year. Practically, this imposes a statutory production deadline on Treasury and the Bureau of Engraving and Printing and specifies the visual content of the note. The text requires printing but does not specify issuance mechanics, denominations to be retired, or appropriation sources for production costs.
Removes the ban on living Presidents' portraits
Revises the federal prohibition that previously prevented likenesses of living persons on U.S. currency and securities by inserting an exception for anyone who is or has been President. This is a broad statutory change: it applies to the language that governs the design of currency and government securities and makes living Presidents eligible for depiction under future design decisions.
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Explore Finance in Codify Search →Who Benefits and Who Bears the Cost
Every bill creates winners and losers. Here's who stands to gain and who bears the cost.
Who Benefits
- Numismatists and collectors: A new denomination and a portrait of a high-profile figure will be a target for collectors and could produce collectible issues, proof sets, and premiums in secondary markets.
- Manufacturers and contractors to the Bureau of Engraving and Printing: Design, engraving, and security-feature contractors would likely see new work for redesign and production runs associated with the mandatory printing.
- Supporters and commemorative-event organizers: Groups planning semiquincentennial events could use the notation as a focal point for fundraising and merchandise tied to the anniversary.
- Publishers and media that cover currency releases: New designs drive press interest and ancillary revenue opportunities for commemorative products and educational materials.
Who Bears the Cost
- U.S. Treasury and Bureau of Engraving and Printing: They must allocate design, engraving, production capacity, and anti-counterfeiting research to meet the one-year printing mandate, which may divert resources from other projects.
- Federal Reserve System and banks: The Fed and depository institutions will face decisions about whether to order, distribute, and accept a new denomination, plus potential costs to update cash-sorting, storage, and transport logistics.
- Retailers and cash-handling equipment makers (ATMs, validators, vending machines): These firms will likely need firmware and hardware updates to recognize and accept a new denomination, creating retrofit costs across thousands of machines.
- Taxpayers and appropriations process: Unless production is covered by existing fee mechanisms or dedicated revenue, the costs of design and any transitional logistics ultimately fall on the federal budget and, therefore, taxpayers.
Key Issues
The Core Tension
The bill forces a clash between two legitimate objectives: honoring and commemorating a political figure through a statutory mandate versus preserving the neutrality and operational stability of U.S. currency. Legislating a specific portrait and timeline solves the commemorative goal at the cost of creating precedent and operational burdens that could politicize design choices and impose logistical and fiscal strains on Treasury, the Federal Reserve, and private-sector cash infrastructure.
The bill places concrete production obligations on Treasury but leaves key operational questions unanswered. It commands the Bureau of Engraving and Printing to "print" within one year but does not define required production quantities, whether the new notes must enter general circulation, or who funds design and distribution.
Those omissions create immediate implementation questions: the BEP’s production schedule and the Federal Reserve’s currency ordering process will determine whether the one-year target is feasible without reprogramming other commitments.
The amendment to 31 U.S.C. 5114(b) removes a categorical restriction on living-person depictions for Presidents specifically, but it is a narrow carve-out that raises broader policy and precedent issues. Allowing living Presidents on currency and securities changes the longstanding practice intended to keep U.S. money nonpartisan and raises follow-on choices—who else qualifies, whether multiple living Presidents could be depicted, and what standards will govern selection.
Finally, practical costs to replace or retrofit cash-handling equipment, integrate a new denomination into banking operations, and update counterfeiting defenses could be substantial and diffuse across multiple public and private stakeholders.
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