Former Treasury Secretary Thinks It's Time To Scrap $100 Bill

LOS ANGELES (CBSLA.com) — Could the $100 bill be a thing of the past?

Larry Summers, the former treasury secretary, says the currency should be scrapped.

Summers points to a recent paper issued by Harvard's Mossavar-Rahmani Center for Business and Government.

The paper argues that eliminating larger denomination bills would have little impact on legitimate business, but could deter crime.

"I'd guess the idea of removing existing notes is a step too far," wrote Summers in a Washington Post article. "But a moratorium on printing new high denomination notes would make the world a better place."