FACT CHECK: Is The Federal Reserve Suspending The Availability Of New Currency?
A video shared on Facebook purports the Federal Reserve suspended the availability of new currency.
According to a communication posted to Federal Reserve Bank Services.org, new Federal Reserve notes are “currently in production.”
The Federal Reserve raised its benchmark interest rate up to between 4.25-4.5%, making it the highest rate in 15 years, according to BBC News. Federal Reserve Chair Jerome Powell hinted at more rate hikes next year to tackle inflation, Reuters reported.
The Facebook video, shared 11,000 times, purports the Federal Reserve has suspended the availability of new currency. “They are not printing any more of this paper money,” the woman in the video said.
The claim is false. There are no credible news reports suggesting the Federal Reserve has suspended the availability of new currency. Likewise, the claim is neither mentioned on the Federal Reserve’s website nor on its verified social media accounts. The U.S. Treasury Department also has not publicly commented on the purported claim.
According to a communication posted to Federal Reserve Bank Services.org, “a new series of Federal Reserve notes is currently in production.” The communication indicates the new Federal Reserve notes will include Treasury Secretary Janet Yellen and Treasurer Chief Marilynn Malerba’s signatures. In addition, the communication states paper currency remains a “legally valid” form of payment regardless of when it was issued.
While the Federal Reserve controls the supply of U.S. currency, it does not print paper money. Paper money is printed by the Treasury Department’s Bureau of Engraving and Printing, Investopedia notes. (RELATED: Will Dollar Bills Printed In 2021 Be Banned Starting January 2023?)
Although the Federal Reserve has not suspended the availability of new currency, it has permanently discontinued holiday currency special ordering periods. The Federal Reserve Bank previously suspended holiday currency special ordering periods in both 2020 and 2021 as a result of the COVID-19 pandemic.
Check Your Fact has contacted the Federal Reserve for comment and will update this piece accordingly if one is received.