Lew said he would announce which woman was chosen before the end of the year, after the administration seeks national input this summer.

"America’s currency is a way for our nation to make a statement about who we are and what we stand for," Lew said. "Our paper bills — and the images of great American leaders and symbols they depict — have long been a way for us to honor our past and express our values."

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Martha Washington and Pocahontas were each featured on paper currency more than 100 years ago, Treasury officials said.

The announcement comes after much speculation in recent weeks that a woman would be on a new paper note.

Lew said Obama administration officials are seeking advice nationwide — including people who "aren't comfortable using a hashtag as well as people who are comfortable using a hashtag."

"We are going to be open to many ideas as we go forward consistent with the theme of democracy," Lew said. "Our thinking is to select a woman who has played a major role in our history who represents the theme of democracy."

The bills with Hamilton on it, which were first introduced in 1929, will continue to be used for as long as they last, Lew said.

He said that there is "no other bill in development."

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he welcomed the announcement.

“As chairman of the committee with jurisdiction over the production of our currency, I look forward to hearing more from the Treasury Secretary about this announcement," Hensarling said in a statement.

He then attacked the administration's spending policies.

"By running up the national debt to more than $18 trillion, the administration’s spending policies put these dollars at risk of being worth less no matter whose face is on them," Hensarling said. House Minority Leader Nancy Pelosi (D-Calif.) praised the decision as "exciting news for all Americans." "This is a proud day and an important step forward for our nation in celebrating women’s invaluable contributions to our democracy," she said in a statement, adding that the bills will come on the 100th anniversary of women's suffrage. "The new bills may be worth ten dollars, but the recognition of women’s leadership in our history is worth much, much more. I look forward to a lively debate about which of the many exceptional American women should be on the new ten.”

- Updated at 8:41 a.m.