Posted October 25, 2018 07:31:00 The Federal Reserve has announced that it is banning names on its $50 bills, the first time that the institution has done so in more than 20 years.
The Federal Deposit Insurance Corporation (FDIC) has decided to phase out all names on $50 and $100 bills, as well as the $100 bill.
The decision came after the Federal Reserve’s Board of Governors approved a resolution calling for the name of the banknotes to be removed.
“While we recognize that the $50 note is one of the most recognizable symbols of the United States and the financial system, the names of the bills have become an integral part of our identity,” said FDIC President James Bernanke in a statement.
“The name of these bills does not represent the institution’s commitment to a more inclusive and democratic financial system.
The move follows a similar one from the U”
This is a significant step in the right direction for a financial system that is in dire need of a name,” said Sarah Daley, the deputy director of the Center for Popular Democracy, a nonprofit organization that advocates for financial reform.
The move follows a similar one from the U