replace President Andrew Jackson on the bill. “The primary reason currency is redesigned is for security against counterfeiting,” Lydia Washington, a representative for the Bureau of Engraving and Printing, told DealBook. “The redesign timeline is driven by security feature development.”

The Obama administration said it would unveil a design “concept” by 2020, to coincide with the centennial of the 19th Amendment, which gave women the right to vote. Extensive redesign work was reportedly done, but in 2019 President Trump’s Treasury secretary, Steven Mnuchin, said the project would be delayed until at least 2026. (Insiders said they had always doubted that the 2020 deadline could be met).

It turns out that the complex design and testing process for currency can’t be hurried. “No final images have been selected,” Ms. Washington said. (The Treasury Department did not respond to a request for comment).

Deals

  • Recent trades in the private markets reportedly valued ByteDance, TikTok’s parent company, at more than $250 billion. (Bloomberg)

  • The food service Deliveroo lowered the high end of valuation expectations for its forthcoming I.P.O., to £7.85 billion ($10.8 billion). (Reuters)

Politics and policy

Tech

Best of the rest

  • Goldman Sachs said its interns would work out of its offices this summer. (Bloomberg)

  • If the minimum wage had grown at the same rate as Wall Street bonuses since 1985, workers would be paid $44 an hour today. (Insider)

  • Take a peek at the potential offices of the future: hot desks, Zoom rooms and more. (NYT)

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