The first $100 (£75) bills with the signatures of Trump and Bessent will be printed in June, with others to follow.
Notes currently being printed bear the signatures of former President Joe Biden’s Treasury Secretary, Janet Yellen, and Treasurer Lynn Malerba.
It has been tradition since 1861 for the US treasurer’s signature to appear on bank notes, a tradition that would end under the Trump administration’s plans.
Ahead of the 250th anniversary, Bessent said printing currency bearing Trump’s name would be a “powerful way to recognize the historic achievements of our great country” and the president.
Current US Treasurer Brandon Beach vowed the country’s currency will “continue to stand as a symbol of prosperity, strength, and the unshakable spirit of the American people”.
This year sees the 250th anniversary of the formal declaration when the 13 original American colonies, later states, declared their independence from Britain.
The Democratic Party governor of California and long-time Trump critic Gavin Newsom responded to the announcement with an attack on the president’s economic record.
“Now Americans will know exactly who to blame as they’re paying more for groceries, gas, rent, and health care,” he posted on social media, external.