Warren and Merkley Lead Democratic Colleagues in Pressing Treasury Watchdog to Investigate Resources Spent on Illegal Trump $250 Bill

"At a time when Americans continue to face rising costs, the Treasury Department should be focused on addressing pressing economic concerns rather than devoting resources to what appears to be an illegal vanity project for the President."

Text of Letter (PDF)

Washington, D.C. - Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Senator Jeff Merkley (D-OR), and three of their Senate colleagues sent a letter to the Treasury Department's Office of the Inspector General (OIG) calling on the watchdog to investigate the resources the Treasury Department has devoted to developing a $250 bill featuring President Trump's image - a currency that would be illegal to issue under current federal law. The letter was also signed by Senators Catherine Cortez Masto (D-NV), Ron Wyden (D-OR), and Democratic Leader Chuck Schumer (D-NY).

"Under current law, the Treasury Department is prohibited from issuing a $250 bill with an image of President Trump's face on it… the Federal Reserve Act explicitly states that 'only the portrait of a deceased individual may appear on United States currency and securities,'" wrote the Senators. "Second, Congress would need to amend federal law to authorize a $250 bill, as the Treasury Secretary cannot create a new banknote denomination unilaterally."

Despite the clear illegality of this bill's publication, the Treasury has purportedly spent months developing prototypes of the $250 note and continues to publicly tout its production in the lead-up to the nation's 250th anniversary.

"According to The Washington Post, U.S. Treasurer Brandon Beach and his senior adviser Mike Brown began urging staff at the Treasury Department's Bureau of Engraving and Printing (BEP) in early 2025 to prepare prototypes of the $250 note. In August and September 2025, Mr. Beach reportedly provided BEP staff with designs for the new note, including one with President Trump's image," wrote the lawmakers. "And on May 28, Secretary Bessent showed a mock-up of the $250 bill featuring President Trump during a White House press briefing."

"The fact that Treasury officials have reportedly pursued this effort despite serious legal objections only raises more concerns about Treasury's misplaced priorities and disregard for our current laws," the Senators concluded.

In order to better inform the public on the Treasury Department's allocation of resources to developing this illegal currency, the lawmakers request that Treasury "conduct an investigation of the total cost and source of Treasury Department resources used for the project and to determine whether the project constitutes waste, fraud, and abuse."

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