The proposed legislation, known as the "Harriet Tubman Tribute Act of 2025," seeks to redesign the $20 Federal reserve notes to feature Harriet Tubman. Introduced in the Senate by Mrs. Shaheen, the bill mandates that all $20 bills printed after December 31, 2030, will include Tubman's likeness. However, the Secretary of the Treasury may delay this implementation by up to two years under specific conditions related to counterfeiting risks and economic concerns. This editorial commentary explores the bill’s intentions, potential impact, and significant issues arising from the proposal.

General Summary of the Bill

The "Harriet Tubman Tribute Act of 2025" is a straightforward proposal to honor Harriet Tubman by including her likeness on the $20 Federal reserve notes. This initiative recognizes Tubman's contributions to American history and aligns with broader efforts to diversify the figures featured on U.S. currency. The Secretary of the Treasury is charged with ensuring this redesign, with some flexibility for potential delays if there are concerns about increased counterfeiting or other economic impacts.

Summary of Significant Issues

Potential Delay in Implementation: The bill allows the Secretary of the Treasury to delay the redesign by up to two years if certain conditions are met. This introduces uncertainty about when the new bills will be issued, which can affect planning and expectations.

Criteria for Delay: The bill lacks clear criteria for what constitutes "an unacceptable risk of counterfeiting" or economic disruption. This ambiguity could lead to varying interpretations and potentially extended delays.

Consultation Process: While the bill involves consultation with various federal agencies, it does not specify the procedure or timeline for these discussions, which can affect the process's transparency and accountability.

Complexity of Language: The legislative language describing the consultation and determination processes might be considered overly complex, potentially reducing public trust in the decision-making process.

Broad Public Impact

The redesign of the $20 bill to feature Harriet Tubman could have symbolic significance for the broader public. It represents a step toward greater representation of women and marginalized groups in national symbols, acknowledging their historical contributions. This change can inspire pride and promote educational opportunities about Tubman's legacy and broader issues of equity and inclusion.

The flexibility for potential delays, however, might create public skepticism about the commitment to this initiative, especially if the criteria for delays are perceived as vague or unjustified.

Impact on Specific Stakeholders

Advocates for Representation: For groups advocating for increased representation of diverse figures in national symbols, this legislation marks a significant victory. It aligns with ongoing efforts to acknowledge overlooked contributions.

Economic and Financial Institutions: Financial institutions, including banks and cash-handling businesses, might be affected by the logistics of implementing currency changes. Clear timelines and criteria would help ensure smooth transitions and mitigate risks related to counterfeiting and economic impacts.

Government Agencies: The agencies involved in the consultation process, like the Bureau of Engraving and Printing and the Secret Service, would bear the responsibility of assessing risks and ensuring a secure transition. The lack of clarity could pose challenges in executing these responsibilities effectively.

Overall, the "Harriet Tubman Tribute Act of 2025" is a step toward honoring an iconic historical figure on U.S. currency, but it must address ambiguity and procedural transparency to ensure successful implementation and public trust.

The bill titled S. 923 mandates that the $20 Federal reserve note be redesigned to include a likeness of Harriet Tubman. This redesign is significant as currency changes affect many dimensions of economic and financial systems. The bill includes a specific deadline, stating that these bills must be printed with Tubman's likeness after December 31, 2030. However, it provides the Secretary of the Treasury the discretion to delay this change by up to two years if doing so could lead to certain risks.

Potential Delay and Risk Assessment

A key financial reference in the bill is the allowance for potential delay, which may extend the introduction of the redesigned $20 note until December 31, 2032. This is contingent on a determination made by the Secretary of the Treasury that implementing the new design might pose "an unacceptable risk of counterfeiting" or disrupt "the safe, secure, and speedy functioning of the United States economy." This provision reflects a financial safeguard aimed at minimizing risks related to currency security and economic stability.

Issues Related to Delay:

• The latitude given to the Secretary for determining and justifying such a delay could lead to ambiguity. The criteria that define what constitutes an "unacceptable risk" are not explicitly articulated, potentially leading to various interpretations and extended postponements of issuing the redesigned $20 notes.
• The lack of a detailed procedure or fixed timeline for consultations with the Director of the Bureau of Engraving and Printing, the Board, and the United States Secret Service could result in delayed decision-making, thereby affecting transparency and accountability.

Consultation Process

Another financial consideration is the bill's requirement for consultation. The financial implications of this consultation process, involving various bodies like the Bureau of Engraving and Printing and the Secret Service, are notable. However, the bill does not specify how these consultations should be conducted, and whether the involvement of these agencies necessitates additional budgeting or allocation of resources. The absence of clarity in these matters may impact public understanding and trust in the redesign process.

Overall, S. 923 addresses a significant symbolic and practical change in the U.S. currency but leaves several financial and procedural aspects open-ended. These gaps could lead to operational inefficiencies and delays, conflicting with the bill's intent to honor Harriet Tubman on the $20 note by a specified date. Addressing these issues could ensure a smoother transition to the new currency design without significant financial or economic disruptions.