Sen. Elizabeth Warren, the ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and four other senators have asked the Treasury Department's Office of the Inspector General to investigate Treasury resources used to develop a proposed USD 250 banknote featuring President Donald Trump's image. The letter argues the note would be illegal under current federal law and asks the watchdog to examine the project's total cost, the source of the resources used and whether the effort amounts to waste, fraud and abuse. The senators state that current law allows only deceased individuals to appear on U.S. currency and securities, and that Congress would need to amend federal law before Treasury could issue a new USD 250 denomination. Citing reporting by The Washington Post, the letter says U.S. Treasurer Brandon Beach and senior adviser Mike Brown urged Bureau of Engraving and Printing staff in early 2025 to prepare prototypes, that Beach later supplied designs including one with Trump's image, and that Treasury Secretary Scott Bessent displayed a mock-up of the note at a White House press briefing on May 28.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-06-23
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member seeks Treasury watchdog probe into resources used for proposed USD 250 Trump bill
Sen. Elizabeth Warren and four other senators asked the Treasury Department's inspector general to investigate resources used to develop a proposed USD 250 banknote featuring President Donald Trump. They argue the note would be illegal under current law and want the watchdog to assess the project's cost, funding sources and whether it constitutes waste, fraud and abuse.