Mnuchin clashes with House Dems over currency redesign

Channel: Fox Business
Published: 05/22/2019

Description
Treasury Secretary Steven Mnuchin responds to questions from Rep. Ayanna Pressley before the House Financial Services Committee on a potential redesign of the $20 bill including Harriet Tubman. FOX Business Network (FBN) is a financial news channel delivering real-time information across all pl...



Transcript
I do believe our diversity is our greater strength and arguably the greatest contributor to our economy. Mr. secretary, do you believe that representation matters in american politics and imagery sartre was the last part of american politics and imagery? Do you believe that representation matters in american politics and imagery? Yes, so glad we agree? A few years ago, secretary lew put out a call ...
to the american people soliciting feedback on ways to modernize our nation's currency on april 2016 or in april 2016. Following a longtime organizing efforts from several grassroots organizations, he announced a currency redesign overhaul that would more accurately reflect the diversity of our society. The american people understood the importance of representation, onthe banknotes of the world's most powerful economy, representation that acknowledged our history and all those who have contributed. Mr. secretary, yes, you know, do you believe people other than white men have greatly contributed to this country and its history? Yes, after ten months of soliciting and analyzing responses, secretary lew announced that harriet tubman would be featured on the front of the new $ 20 bill as it stands. Currently, our currency does not reflect the diversity of individuals that have contributed to our great american history. He followed the announcement by directing the bureau of engraving and printing to accelerate plans for the redesign, so the final design concepts would be unveiled in 2020. The 100-year anniversary ofthe 19th amendment which granted women the right to vote, which we celebrated yesterday. As you know, 2020 is only one year away and since secretary lew's departure, we have not heard anything regarding the status of the currency redesign. Will the redesign meet the 2020 deadline? Yes or no? So let me comment that the primary reason we've looked at redesigning the currency is for counterfeiting issues.

Based upon this, the $ 20 bill will now not come out until 2028. The $ 10 bill in the $ 50 bill will come out with new features before hand. So the answer is, it is my responsibility now to focus on on what is the issue of counterfeiting and the security features? Theultimate decision on the redesign will most likely be another secretary's down the road. I'M sorry, i just want to be clear for the for the record so you're, not so yes or no will you meet what was originally the 2020 redesign deadline? Yes or no again to be clear, the redesign that we are 20 now we will meet the security feature redesign in 2020. The imagery feature will not be an issue that comes up until most likely 2026 and i'm just wondering if you could explain that to me, because after an exhaustive community process, where people who organized for quite some time - and you said you you do share my my Sentiments an opinion: thatour currency should be more reflective of the contributions and diversity of those contributions, and so why the delay? No, i didn't say that the currency should be really. You said imagery. I said imagery not referring to. Okay, so do you believe, do you support harriet, tubman being on the $ 20 bill? I'Ve made no decision as it relates to that, and that decision won't be made in there was. There was a national. There was a community process. Again, it's a decision of the secretary of the treasury right now. My decision is focused on security features.

Well, let me just you know, say this: the occupant of the white house, donald trump said that the move toput harriet tubman on the $ 20 bill was pure political correctness and he in fact suggested putting her on a $ 2 bill. So do you agree? The nearly a year of collecting response from across the country can simply be reduced to political correctness. I think that, right now i am focused on the security features of the us currency, which is the reserve currency. I mean my time so does that mean you have no intention of executing the redesign as planned by your predecessor? Well, that it that is correct. I have not made a decision to execute on a redesign or haven't made a decision, but yes, i have not made it. Can you commit to submittinga currency redesign timeline to this committee? The currency timeline will be most likely 2026, which even the most optimistic scenarios is probably beyond my term and do you believe that? Is it your personal opinion, then, since you won't offer it officially that our currencies should reflect the diverse representation of leaders that have contributed to this country? Since you agree, it's been more than just white men again, i can't separate my personal opinion on these issues from the issue of the treasury secretary. What is your position as the treasury secretary again? My position is that i am focused on my responsibility to deal with the security features and a decision they address that and what aboutimagery? What about the representation? Again, it's not a decision that is likely to come until way past my term, even if i serve the second term for the present. So i am not focused on that at the moment.


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