US Treasury Secretary Scott Bessent spoke to reporters during a White House press briefing on Thursday. He discussed a proposed $250 bill featuring President Donald Trump, the US economy, the Federal Reserve, and the ongoing conflict involving Iran.

Treasury Creates Trump $250 Bill Prototype

Bessent confirmed that the Treasury Department has already created prototype designs for a new $250 bill carrying Donald Trump’s image. He linked the proposal to celebrations marking the 250th anniversary of American independence.

“As Treasury Secretary, I have two mandates for US currency at present: that no living person can be on US currency, and the currency must say ‘In God We Trust,’” Bessent said. He explained that a federal law passed in 1866 currently bans living people from appearing on US currency.

“So, right now, there is proposed legislation in front of the House, in front of the Senate, to change the first requirement, so that a living person—Donald J Trump—could be on the $250 bill,” he added.

Congress Must Approve The Change

Bessent said the Treasury Department cannot move ahead unless Congress changes the law. “We’ve created the bill because we have to be prepared… it’s all up to Capitol Hill,” he said.

British royal portrait artist Iain Alexander designed the proposed bill.

Democrats Strongly Oppose The Idea

Democrats quickly criticised the proposal. House Minority Leader Hakeem Jeffries rejected the idea and posted a “hard no” response. He said Independence Day should celebrate the American people and the nation’s journey, not a single leader. He also described Trump as a “wannabe King.”

Bessent Defends The Proposal

Some reporters asked whether the government should focus on commemorative currency while many Americans struggle with inflation and high living costs.

Bessent defended the proposal. He said there was nothing “untoward” about honouring the country’s 250th anniversary with the image of the sitting president.

Bessent Praises New Fed Leadership

Bessent also spoke positively about his first formal meeting with new Federal Reserve Chair Kevin Warsh.

“We’ve got a Warsh Fed now,” Bessent said. He added that he believes the Federal Reserve will properly balance inflation control and economic growth.

Comments On Iran Conflict

Bessent also addressed the economic impact of the ongoing US-Israel conflict involving Iran. He predicted that oil and gas prices would drop quickly after the conflict ends. According to Bessent, energy markets will stabilise once tensions in the region ease.

The briefing took place before Bessent’s scheduled speech at the Reagan National Economic Forum in California, where he is expected to outline the administration’s “America First” economic strategy in greater detail.