Ber­nanke: Keep Hamil­ton on the 10

Los Angeles Times - - BUSINESS BEAT - By Sa­man­tha Ma­sunaga sa­man­tha. ma­sunaga@ latimes. com

Count Ben S. Ber­nanke among the ranks of Alexan­der Hamil­ton sup­port­ers.

The for­mer Fed­eral Re­serve chair­man said Mon­day that he was “ap­palled” to hear of Trea­sury Sec­re­tary Ja­cob J. Lew’s de­ci­sion last week to “de­mote” Alexan­der Hamil­ton from his fea­tured po­si­tion on the $ 10 bill.

Lew said Wed­nes­day that a woman’s face would ap­pear on the $ 10 bill in 2020, in time for the 100th an­niver­sary of the pas­sage of the 19th Amend­ment, which gave women the right to vote.

But he also said Hamil­ton will not dis­ap­pear en­tirely from the bill. The na­tion’s f irst Trea­sury sec­re­tary will ei­ther ap­pear with the woman on the $ 10 bill, or two sep­a­rate bills will be is­sued.

Ber­nanke said the de­ci­sion to honor a woman on the $ 10 bill is a “fine idea” but shouldn’t come at Hamil­ton’s ex­pense. On his blog, he listed sev­eral of Hamil­ton’s ac­com­plish­ments, such as found­ing the na­tion’s first ma­jor bank, the Bank of New York; his 1791 Re­port on the Mint, which set the ba­sis for U. S. cur­rency ar­range­ments; and his role in es­tab­lish­ing the mod­ern U. S. econ­omy.

Ber­nanke called for an al­ter­na­tive, which was al­ready widely dis­cussed on so­cial media: re­move An­drew Jack­son from the $ 20 bill in­stead.

Call­ing him a “man of many unattrac­tive qual­i­ties” as well as a “poor pres­i­dent,” Ber­nanke said Jack­son would “prob­a­bly be fine with hav­ing his im­age dropped from a Fed­eral Re­serve note,” based on his op­po­si­tion to cen­tral bank­ing.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.