Media Center

TOM FERGUSON: Good morning and welcome to the Bureau of Engraving and Printing.
We can't be more thrilled here at the Bureau to have everyone here for a day that allows us to share with the world what we've been working on so hard for the last four years.
With due respect to my wife and children, it's almost as exciting as the birth of a child.
So please don't tell them that.
Hopefully the media didn't pick it up.
It's a really great pleasure to have you all here.
With that, I believe that we'll be having the Pledge of Allegiance presented by Girl Scouts and Boy Scouts who will lead us.
Before that, of course, I'm messing up, aren't I, Dawn?
Dawn is over there telling me I'm messing help.
I'd like to have the BEP Color Guard present the colors.

BOY SCOUT AND GIRL SCOUT: I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation, under God, indivisible, with liberty and justice for all.

TOM FERGUSON: Now Priscilla Teagle from the Federal Reserve will sing the National Anthem, so please remain standing.

[Singing of National Anthem]

[APPLAUSE]

TOM FERGUSON: You can all be seated and we'll start with a short but, I think, very interesting little video.

VIDEO:
>> We trusted it.
We value it.
We have confidence in it.
We call it legal tender.
Currency, cash, notes, money, (inaudible), mula, benjamins, green backs, capital, Lincoln, loot, dough, bread.
>> But any way we say it, it remains the U.S. dollar.
A symbol of freedom.
A symbol of stability.
A symbol of security.
Supporting the ideals that underlie the American dream.
END VIDEO

TOM FERGUSON: Great.
As I said earlier, it's a pleasure to have you all here and a great day for the Bureau of Engraving and Printing, but the Bureau couldn't do this alone.
This is actually an example, I think, of how government agencies working together can in fact succeed and do something extremely effective and extremely well.
This effort is really a culmination of efforts led by the advanced (inaudible) steering committee chaired by Peter Fisher and Brian Roseboro at the Department of Treasury, Marcia Reidhill from the Federal Reserve Board, John Moore from the Federal Reserve, Tony Chopa and Rich Stein from the Secret Service and all the outstanding men and women at the Bureau of Engraving and Printing, led primarily in technology by Carla Kidwell, and in operations by Bill Wills.
And to all of the Bureau of Engraving people in the balcony, we couldn't do this without each and every one of you.
It is now my pleasure to introduce someone who is an inspiration I think to each and every one of us when you've heard her story.
She's a person who I've known for a number of years now very, very well.
Very outgoing and I'm sure it will have some interesting things for us this morning.
The Treasurer of the United States, Rosario Marin.

ROSARIO MARIN: Thank you, Tom.
It's really a pleasure.
You have no idea.
I've been here almost two years.
From the first day that I came here they told me this was in the process and it is really like giving birth.
Of course, he doesn't know what it is to give birth, but I do.
It's really remarkable.
It's an incredible journey.
I want to thank so many people who have made this day possible from the engravers to the creative people to the design people.
And then from my colleagues.
As I mentioned there is many of us that every month or so we get together to talk about the issues of counterfeiting and so forth.
I would like to recognize two of my great colleagues.
He recognized most everybody.
It's been wonderful to work with all of them.
I want to acknowledge Peter Fisher, the Undersecretary for Domestic Finance, and Brian Roseboro who also is at The Treasury.
This is the culmination of so many efforts. And then what can I tell you John, Marsha, Rose, Reese, and everybody its really been very wonderful and
I thank you all for being here.
Anyway, we have two major unveilings day.
First and foremost of course is the redesigned $20 note, but second and also quite important is the public education campaign we're launching today.
We think it is very important that people understand their currency and about the tools that they can use if they have any question about whether the note is genuine.
So starting today, we are launching one of the most comprehensive public awareness and education programs our government has ever put together.
Because our currency is held, trusted and valued around the world, this is the global campaign from Wall Street to fleet street and from St. Petersburg, Florida to St. Petersburg, Russia. We're aiming for a seamless introduction of our new currency.
We're talking to cashiers, bank tellers, merchants and anyone who handles cash for a living.
In our education program, we're also bringing our program into our nation's schools so children will be better able to understand our currency and we're reaching out to large associations such as senior citizen groups whose members have a keen interest in protecting the integrity of their hard-earned savings.
We're going to try to get our story out through the media beginning with this particular event and we're working with the entertainment industry to see if they with weave the new currency theme into the story lines of the popular programs and movies.
The goal of all of this is to give people the tools to check their notes.
If they have any concern at all that they might have been given a fake one.
The tools are very easy.
I will certainly demonstrate them very, very quickly. (Holds the bill up)
You thought it was the real one.
Not the new one yet.
Let me just say -- this is a new one, but not a new, new one.
You still have to wait a few minutes for that.
The security features I'm about to show you will still work.
In fact, it will be easier to use in the new design and you'll see that in a couple of minutes.
For those who can't see the note itself from where you're sitting, you can follow along the video screens.
First, the watermark.
You can see a watermark right here.
That's the same in the new note.
There is a faint version of Andrew Jackson right here.
Then we will have the security threads.
Most of you, if you hold it up, you'll be able to read 20, U.S. 20.
That's the same feature in the new $20 bill.
And last, but not least, if you look at the front note there is an enlarged 20 number here.
It changes color.
Now, if you hold your regular $20 note right now you'll see that.
But in the new note it is much easier to appreciate the color changing or the shifting of the colors.
You'll see it is really, really neat.
In a minute Secretary Snow will talk about the exciting addition of color to the $20 note.
Let me reinforce what Tom said.
I think the new note looks absolutely beautiful but I'm also confident that this redesign will help us fulfill our mission to maintain the integrity of our notes and the public confidence in their currency.
Thank you very much.

[APPLAUSE]

TOM FERGUSON: You know, the currency design is only one part of what protects our nation's currency.
It really requires a great design with good security features.
It requires a banking system, a central bank that has good sorting ability to protect that integrity and it requires great law enforcement.
It requires people out there investigating the people who actually try to counterfeit our notes, catching them and very, very often in fact catching those counterfeit notes before they're passed on to the public.
We have worked my entire career and I think since actually the inception of the Secret Service with that institution to fight counterfeiting and keep our currency the strongest in the world.
So it is a great pleasure, although he no longer works for the Department of Treasury we still do cooperate greatly with them.
It is my great pleasure to introduce the Director of the Secret Service, Ralph Basham.

[APPLAUSE]

RALPH BASHAM: Good morning.
I feel like I'm standing here overseeing the dismantling of the Secret Service with all these security features.
I think we'll continue to have work to do, Tom.
It is an honor to be here this morning.
I would like to thank our partners here today, Secretary Snow, Mr. Greenspan.
The Secret Service has longed believed the best tool to fight against the proliferation of counterfeit currency is an educated public.
Our agency was founded in April of 1865 to fight counterfeiting that had become rampant during the civil war.
As a matter of fact, one-third of the currency in circulation at that time was counterfeit.
And in the 138 years since, the Secret Service, together with the Department of Treasury has worked to protect the integrity of the nation's currency.
Today our most important partner in the fight against counterfeiting is the general public.
By giving citizens tools to authenticate currency and assist law enforcement as we are continuing to do with the redesigned note we're strengthening the first line of defense.
Statistically current levels of counterfeiting do not have a major impact on the U.S. or world economy.
Estimates are that one or two of every 10,000 notes may be counterfeit.
Approximately 2/100 of a percent of the $650 billion in cash dollars in circulation worldwide, but we also recognize that the loss represented by each counterfeit note is significant to the individual or business that receives it.
And in 2002, victims lost over $44 million worldwide because of counterfeit U.S. currency.
And we take all types of counterfeiting seriously.
With the emergence of digital technology counterfeiters continue to produce deceptive notes.
Counterfeit currency produced digitally accounted for almost 40% of counterfeit currency passed on the American public in 2002.
That's up from less than 1% in 1995.
Just as we practice prevention in our protective mission, our approach to counterfeit investigations is the education and training seminars provided to business owners, retail groups, the financial industry and state and local law enforcement agencies.
Our goal is to provide the public with the information they need to effectively protect themselves and their businesses from becoming victims of counterfeiters.
Enhancing the design of our money has become an ongoing process, a process design that allows us to stay ahead of counterfeiters that are safer and more security.
The new design unveiled today makes traditional counterfeiting more difficult and gives the general public the ability to authenticate their own currency and the confidence that the U.S. government is protecting its integrity and its value.
Thank you very much.

[APPLAUSE]

TOM FERGUSON: Thanks, Ralph.
If you look on every single currency note that we print here and is issued in the United States right at the top it says, Federal Reserve note.
We may print them, but it's the Federal Reserve, the 12 district banks out there, 37 branches that issue the notes, maintain the inventory, sort the notes, make sure that the notes are out there at the highest quality and that they're all genuine.
This partnership we have that we value greatly, it's been a tremendous success over the years and we know it will continue because of the great people that we work with over there.
And, of course, they're led by someone, I don't think needs much of an introduction.
I think we all know and greatly appreciate his service to our country, the Chairman, Alan Greenspan.

[APPLAUSE]

ALAN GREENSPAN: Thank you very much, Tom.
On behalf of the Federal Reserve I'm especially pleased to be with you all today as we unveil the newly-designed, $20 note.
My only chagrin is in asking for a free sample I was rebuffed.
[LAUGHTER]
The soundness of the nation's currency is essential to the soundness of its economy.
And to up hold our currency's soundness it must be recognized and honored as legal tender and counterfeiting must be effectively thwarted.
The Federal Reserve was founded nearly 90 years ago to provide the nation with a safer, more flexible, more stable monetary and financial system.
Although the Federal Reserve does not print the currency, as Tom pointed out, we put it into circulation through the nation's banking system.
To ensure confidence in the authenticity of our currency, we at the Federal Reserve verify each note as it passes through the overall Federal Reserve System.
This action, combined with aggressive law enforcement is part of our ongoing commitment to protect our notes from counterfeiting.
We check all older notes to determine if they are in good enough condition to be recirculated.
If they are too worn or too soiled they are replaced.
Since the average circulation life of a new $20 bill is only about two years, we expect that within a few years a high proportion of the $20 bills in circulation will be of the new series.
All existing notes, of course, will continue to be legal tender as indeed has always been in our history.
The United States has honored its currency after issuance at its full face value.
This is part of the reason our currency continues to be trusted and accepted by people throughout the world.
I'm gratified that the last redesign of U.S. currency was a success.
And I trust we will repeat that success when we begin circulation of the new $20 notes later this year.
The Federal Reserve is deeply committed to protecting our currency from counterfeiting, ensuring it is always accepted as legal tender and preserving its soundness.
We're pleased to join with The Treasury, the Bureau of Engraving and Printing, the Secret Service and everyone represented here today in meeting those commitments.
Thank you very much.

[APPLAUSE]

TOM FERGUSON: Thank you very much, Mr. Chairman.
We, of course, at the Bureau of Engraving and Printing are a dedicated and loyal Bureau of the department of the Treasury.
It will be my pleasure in a second to introduce our boss.
It's important to note that the Secretary's signature and the treasurer's signature appear on every note and they, Treasurer Marin and Secretary Snow, will have the honor of having their name on the first multi-color currency note produced by the United States.
So I think it will be hopefully an honor.
Hopefully something they'll appreciate for years to come, but it is my great pleasure to introduce the leader of the president's economic team, the spokesman for our economy both here and internationally, and the man whose name will appear on the first $20 note, the Secretary of the Treasury John Snow.

[APPLAUSE]

SECRETARY SNOW: Tom, thank you very much.
This is really an historic day and a great day for all of you at the Bureau of Engraving and Printing.
I congratulate you for all the hard work and energy that has made this day possible.
A few months ago, I gave my signature to the Bureau engravers so they could put it on the plates used to print our currency.
Now, one of the highest honors bestowed on someone in my position is having your signature on the nation's currency.
Clearly, our currency is one of the most powerful symbols of this great republic both here and, of course, across the globe.
As Chairman Greenspan said, a sound currency is essential to our prosperity and our prosperity is essential to the world's prosperity.
The U.S. currency represents security and integrity around the globe.
The design we're introducing today will help us keep it that way by protecting against counterfeiters and by making it easier for people, average citizens as well as authorities, to confirm the authenticity of the currency and of their hard-earned money.
The purpose of the new design is clear, it's to stay ahead of anyone who tries to compromise the security and the integrity of the dollar through counterfeiting.
Thanks to the changes we made to our currency in the late 1990's, aggressive law enforcement efforts led by the Secret Service, with the help of an informed public, we've been able to do just that.
Nonetheless, technology changes quickly.
And counterfeiters are continuously developing new tools of their illicit trade.
So we plan to introduce new designs to the currency every seven to ten years.
In fact, as soon as the current $20 note was introduced in 1998, work immediately began on the new design that you are about to see.
This new $20 note will go into circulation later this year.
New designs for the $50 note and the $100 note will follow in 2004 and 2005.
The most distinctive change in the new currency design, as the Director said, is the color.
Different colors for different denominations will make it easier to tell one note from another, especially for those who have some visual impairments.
Color also -- this is the critically important point -- color also makes it more difficult to counterfeit.
Even with the new colors and other features, the world will recognize the new notes as distinctively American.
Everyone who sees this note will know instantly what it is and what it stands for.
The strength of this republic.
I'm looking forward to the unveiling of the new design, which now is only a moment away.
But let me say a word on another subject before I do that.
Many of you would be disappointed if I didn't.
That's to give another plug, the Chairman particularly, for the president's jobs and growth bill.
Many of you know we've been spending a lot of time on that and we're hopeful that the time is close when Congress will respond.
One of the important things about Congress responding as we hope they will and think they will, is it will enable Americans to keep more of the new bills in their own pockets.
So I thank you very much, Tom.

[APPLAUSE]

TOM FERGUSON: Thank you, Mr. Secretary.
Of course, we at the Bureau of Engraving and Printing want people to keep a lot of bills in their pocket.
The more the better.
The Secretary mentioned the moment is rapidly approaching.
So I would like to introduce another brief video that will get us to that moment.

VIDEO:
>> Red.
>> Blue is my favorite color.
>> I like deep blue color.
>> I like green.
>> Different green like Kelly or lime.
>> Or it could be purple.
>> Purple.
>> I think the money should be rainbow colored.
>> Red, white and blue.
>> Maybe striped.
END VIDEO
>> Ladies and gentlemen, the new color of money.

[APPLAUSE]

TOM FERGUSON: I hate to interrupt Paul Simon ever.
I guess I will.
I would like to really thank everyone for coming, especially the Secretaries up on the stage.
I would like to thank the boy scout, Peter Keszler, and girl scout, Lauren Stone, and Priscilla Teagle from the Federal Reserve for singing the national anthem, the BEP color guard for presenting the colors and thank you for coming and sharing with us is a moment of tremendous pride and we're really happy you're all here.
I would also mention for the media that there will be representatives from the Bureau of Engraving and Printing, Treasury, Secret Service and Federal Reserve in the front to answer any questions that you may have.
And to provide interviews if you so desire.
So with that, again I would like to thank everyone, especially my colleagues up here on the stage for coming and thank all of you very much.
Thank you.

[APPLAUSE]

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