Former Fed chair Bernanke 'appalled' Alexander Hamilton being demoted on $10 bill

Former Federal Reserve Chairman Ben Bernanke is "appalled" by Treasury Secretary Jack Lew's plan to demote Alexander Hamilton's position on the $10 bill so that a woman may be added.

"Say it ain't so, Jack," Bernanke titled a blog post in which he later called Hamilton "among the greatest of our founders."

"In addition to [his contributions to achieving American independence and creating the Constitution]...Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history," Bernanke wrote.

Bernanke's post comes after last week's announcement that the Treasury would redesign the $10 note to feature a woman beginning in the year 2020, the 100th anniversary of the passage of the 19th Amendment which gave women the right to vote. Lew will announce his selection later this year.

It's not that Bernanke is opposed to a woman being featured on U.S. currency; he just wishes it wasn't at Hamilton's expense. Bernanke agrees with the "Women on 20s" movement that made national headlines earlier this year, when it lobbied to replace Andrew Jackson with a woman on the $20 bill.

"Given his views on central banking, Jackson would probably be fine with having his image dropped from a Federal Reserve note," Bernanke wrote.

The Treasury has launched a website and is asking the public to use the hashtag #TheNew10 to share its input on who should be featured on the $10 bill. Hamilton, the first U.S. Secretary of the Treasury, will remain a part of the design.