Washington, DC---A broad cross-section of African-American organizations have joined with the U.S. government in a public education campaign to inform the public about a new $20 note design with enhanced security features and subtle background colors. The new design, which will be issued in the fall, is part of an ongoing effort to stay ahead of the counterfeiting of U.S. currency.

The presidents of the National Black Chamber of Commerce and the National Bankers Association attended today's unveiling of the new $20 note, highlighted by appearances by U.S. Treasury Secretary John W. Snow; chairman of the Federal Reserve Board of Governors, Alan Greenspan; U.S. Treasurer Rosario Marin; Tom Ferguson, director of the Treasury's Bureau of Engraving and Printing, which produces U.S. currency; and W. Ralph Basham, director of the United States. Secret Service, the law enforcement agency responsible for combating counterfeiting, and James A. Brent, Jr., Chief, Office of Currency Production for the Bureau of Engraving and Printing.

Brent, the top ranking African American official at the Bureau of Engraving and Printing, said, African-Americans have had a long history of involvement in the production of currency at the Bureau of Engraving and Printing. The new 'color of money' is now safer because it is harder to fake and easier to check, smarter to stay ahead of tech-savvy counterfeiters, and more secure than ever. Color adds complexity to the currency, making counterfeiting more difficult. In addition, different colors will be used for different denominations, which will help everyone---particularly those who are visually impaired---to tell the denominations apart."

Brent said, "The new design carries confidence, value and trust….thus protecting the integrity of everyone's hard earned money." African Americans, as one the nation's leading consumer communities, as well as diverse business owners, the growth sector for the small business market, are expected to pay particular attention to the note's new features.

In fact, African-American organizations are joining a far-reaching public education campaign aimed at ensuring currency users know the new currency is coming, and helping them recognize and use the security features.

Harry Alford, President of the National Black Chamber of Commerce, said, "With the purchasing power of African-Americans now estimated at $700 billion, we know the volume of $20 bills circulating every day in our community is vast, and it's imperative that our community becomes aware of the new $20 bill and the security features in place to protect us."

Added Mrs. Norma Hart, President, National Bankers Association, the trade group for African-American and other minority-owned banks: "As was the case in the introduction of other redesigned U.S. currency, we are pleased to join in this public service effort to prepare our employees and customers for the introduction into circulation this new $20 note. This type of grassroots campaign is very important."

The new $20 note will be issued in the fall, with new designs for the $50 and $l00 notes following in 2004 and 2005. Redesign of the $5 and $l0 notes is under consideration, but the $1 and $2 notes will not be redesigned. Even after the new money is issued, older-design notes will maintain their full face value.

---30---