Rep. Paul Gosar (R-AZ) has introduced legislation to require the printing of $500 bills that include a portrait of Donald Trump.

“Just introduced H.R. 8620, the TRUMP Act, legislation requiring the Treasury print $500 Federal Reserve notes featuring a portrait of the 45th President of the United States,” Gosar wrote.

Just introduced H.R. 8620, the TRUMP Act, legislation requiring the Treasury print $500 Federal Reserve notes featuring a portrait of the 45th President of the United States, .@realDonaldTrump. Read more here👇👇https://t.co/uahl0TeS63

— Rep. Paul Gosar, DDS (@RepGosar) June 6, 2024

H.R. 8620 is officially called the Treasury Reserve Unveiling Memorable Portrait (TRUMP) Act.

Gosar issued the following release:

“As Bidenflation continues to devalue our currency, the issuance of $500 bills featuring President Trump by the Treasury offers several practical advantages.

First, larger-value currency will empower Americans with the freedom of more tangible options to save and exchange goods and services.

Additionally, the absence of large-denomination currency issued by the Treasury encourages Americans to rely on digital banking, which faces greater vulnerability to surveillance and censorship.

Furthermore, from a collector’s perspective, these $500 Trump bills will become highly sought after, generating revenue for the government through increased demand for numismatic items. Collectors often covet currency with unique designs and historical significance and bills featuring the very popular 45th President will attract considerable attention from collectors. This will no doubt create a market for the $500 Trump bills far beyond their face value and increase the seigniorage earnings of the government, thus increasing overall revenues,” stated Congressman Gosar.

“The last version of a $500 bill featured a portrait of President William McKinley and was printed in 1945. The denomination was discontinued 24 years later, according to the Bureau of Engraving and Printing,” Fox Business reports.

Rep. Paul Gosar Proposes the Creation of a $500 Bill Featuring President Trump https://t.co/ZXjdcln2H0

— Timcast News (@TimcastNews) June 6, 2024

Fox Business reports:

Inflation eased slightly in April for the first time in months, though it still remains above the Federal Reserve's target rate.

The Labor Department said last month that the consumer price index, a broad measure of how much everyday goods like gasoline, groceries and rent cost, rose 0.3% in April from the previous month. Economists expected to see a 0.4% monthly increase. Prices climbed 3.4% from the same time last year, down from the 3.5% reading in March.

Another data point that measures underlying inflationary pressures within the economy also moderated last month. So-called core prices, which exclude the more volatile measurements of gasoline and food in order to better assess price growth trends, increased 0.3% in April. From the same time last year, the gauge climbed 3.6% — the lowest reading since 2021.

Altogether, the report indicates that while inflation has fallen considerably from a peak of 9.1%, it remains well above the Fed's 2% target.

Gosar's argument is that while prices remain uncomfortably high for many Americans, the reintroduction of Federal Reserve notes at higher denominations will help people carry cash needed to make purchases.