Actually, I'd Prefer the $10 Bill

I really can't see this getting any traction in the House, but I do like the idea. But since more people see a $10 rather than the $50 replacing Hamilton with Reagan would be a better idea IMHO.

ABC Shows Mock Up of Proposed Ronald Reagan $50 Bill

ABC squeezed in a short item Wednesday night on a House resolution to put Ronald Reagan on the $50 bill, a report most notable for the enticing mock-up ABC’s graphics artists created. Anchor Diane Sawyer announced on the March 3 World News:
All right, quick, who is on the $50 bill? If you said Ulysses S. Grant, you’re right. But if some people have their way, that’s going to change soon. There's a move afoot to put Ronald Reagan on the $50, led by 14 Republican Members of Congress who are sponsoring a new bill calling for the change in honor of the 100th anniversary of Reagan's birth next year.
Republican Patrick McHenry of North Carolina (10th Congressional District, west of Charlotte) submitted: “H. R. 4705. To require the Secretary of the Treasury to redesign the face of $50 Federal reserve notes so as to include a likeness of President Ronald Wilson Reagan.”
AP dispatch. PDF image of the bill which lists the 13 co-sponsors