Treasury Secretary Scott Bessent testified before the Senate Finance Committee regarding President Trump's Fiscal Year 2027 Treasury budget request [1].
The testimony is significant as it outlines the administration's financial priorities and potential shifts in how the U.S. government manages its currency and budgetary affordability [2].
During the hearing in Washington, D.C., Bessent addressed questions regarding the design of U.S. currency. The discussion focused on the standards for whose likeness may appear on banknotes, and the presence of national mottos [1].
Bessent clarified the current restrictions on currency imagery and the requirement for religious inscriptions. "No living person can be on U.S. currency, and the currency must say ‘In God We Trust,’" Bessent said [1].
The proceedings took place on Thursday as part of a broader review of the Treasury Department's budget [1]. Lawmakers questioned Bessent on various topics, including the budget's impact on affordability, and the department's overall fiscal strategy [2].
The hearing served as a venue for the Senate Finance Committee to scrutinize the FY2027 request and determine how the Treasury will align its spending with the President's objectives [2].
“"No living person can be on U.S. currency, and the currency must say ‘In God We Trust.’"”
The focus on currency design during a budget hearing suggests the administration may be evaluating the symbolic and legal frameworks of U.S. money alongside its fiscal policy. By reaffirming the prohibition of living persons on currency and the necessity of the national motto, the Treasury is signaling a commitment to traditional standards even as it proposes a new budget for 2027.
