Former Federal Reserve chairman Ben Bernanke has stated his discontent with the current chairman’s plan to add a woman’s portrait to the $10 bill, which currently has Alexander Hamilton on it, and suggests that a better choice for the female representation would be the $20 bill, which would knock off or diminish the print of former US president Andrew Jackson.
Bernanke has argued that Jackson’s accomplishments pale in comparison to those of Alexander Hamilton, one of the founding fathers and the first Secretary of the Treasury, in post titled “Say it ain’t so, Jack” on his brookings.edu blog. Hamilton, he argues, was the best economic policymaker in the history of the country and the founder of a federal fiscal system which helped the United States survive in its early, debt-riddled days.
The ex-chairman, who did not criticize the idea of having a woman on some type of American currency, instead suggested that a better solution would be to put one at the expense of 7th United States President Andrew Jackson, whom he states was a poor policymaker from an economic standpoint and a “poor president” overall.
“President Andrew Jackson led the opposition to the Second Bank, vetoing a bill passed by Congress to continue its operations. The expiration of the Second Bank’s charter in 1836 likely worsened the very severe Panic of 1837, which was followed by a prolonged economic depression” he said in the post.
The Treasury Department announced last week that a deserving woman will appear on the $10 bill by 2020, to mark the anniversary of one century since the 19th Amendment offered women the right to vote. While this would keep Alexander Hamilton on the bill, it would diminish his appearance on it.
Many internet protests have been spurred by the announcement in a similar tone to that of Bernanke, calling for the female representative to be put on the $20 bill instead of Jackson. The Treasury Department has commented on the outcry, but has stated that the identity of the represented woman would made public later this year. Rumors suggests a large number of candidates, such as Eleanor Roosevelt, Rosa parks, Harriet Tubman or Wilma Mankiller.
Image Source: TIME