Janet Yellen, the first woman to head the US Treasury department and chair the US Federal Reserve, created history yet again on Thursday as she unveiled US currency bills bearing signatures of two women—Yellen’s and US Treasury Chief Lynn Malerba’s. Malerba is the first Native American to serve in the role at US Treasury.
A Treasury spokesperson in a public statement said the updated bills of denominations $1 and $5 will be delivered to Federal Reserve early next year and enter currency circulation thereafter.
During the unveiling, Yellen hailed fellow pioneers, adding that much more needs to be done to advance the cause of equality of women and minorities.
The new banknotes are being printed at the Treasury’s Bureau of Engraving and Printing (BEP) in Forth Worth, Texas. Yellen the new currency bills will be a reminder of the contributions of women who have worked hard at the Treasury and in economics.
“Our currency should reflect our country. To me, these new banknotes represent the ongoing work of Treasury to strengthen our economy, and are a reminder of the contributions of women who have worked in the economics profession and served the Treasury Department,” Yellen wrote in a Twiter post.
BEP’s Forth Worth facility in Texas produces over 50% of the US banknotes. A BEP official said the other facility in Washington will begin production of the new banknotes carrying Yellen’s and Malerba’s signatures in January or February 2023.
After a tour of the BEP facility, Yellen said: “We’ve made progress in providing greater economic opportunity for women at Treasury and in the economics profession. But we know that much more needs to be done”.
“I hope that today is a reminder of the road we’ve traveled on equity and inclusion. And I hope it motivates us to continue to move forward,” she added.
Malerba was drawn to tears while talking about her feelings when she saw her signature on the new banknotes as the first Native American treasurer, remembering about the financial struggles of her family during her childhood days.
Gita Gopinath, the first women deputy director of the International Monetary Fund (IMF), welcomed the move, saying she was personally very excited to spend one of the new bills for the first time.
“Janet Yellen is an inspiration for all economists. It means a lot to me and my colleagues that she will be the first female Treasury secretary with her signature on the dollar note,” she said.
