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Bessent says order requiring banks to collect citizenship information ‘in process’
Scott Bessent said the proposal could affect millions of Americans who lack passports or birth certificates, raising access concerns among banking experts.
- On Monday, Treasury Secretary Scott Bessent confirmed that an executive order requiring banks to collect customer citizenship information is "in process," signaling expansion of immigration enforcement into the financial system.
- Defending the measure as a national security priority, Bessent asked, "Why don't we have information on who's in our banking system?" while citing verification practices in the United Kingdom.
- Banking experts warn the policy could leave millions "debanked," as at least 20 million United States citizens lack proof of citizenship and only 48% to 50% of Americans hold valid passports.
- Senator Tom Cotton, a Republican from Arkansas, strongly supports the order, urging the Treasury Department to "undertake a comprehensive review of current rules that allow illegal aliens" banking access.
- Similar nationality verification is standard in the U.K., European Union, and Singapore, though the plan faces uncertainty regarding specific documentation requirements and compliance burdens for banks and consumers.
20 Articles
20 Articles
Executive order requiring banking institutions to collect citizenship information still in the works. · American Wire News
An executive order requiring banking institutions to collect citizenship information is reportedly in the works. During an interview with Semafor, Treasury Secretary Scott Bessent revealed that the Trump administration is currently in the process of drafting an order to require banks to gather proof of citizenship from account holders. “It’s in process. And I don’t think it’s unreasonable, because: Why don’t we have information on who’s in our b…
Treasury Secretary: Executive Order Coming to Require Banks Collect Citizenship Data › American Greatness
U.S. Treasury Secretary Scott Bessent has confirmed that a proposed executive order requiring banks to collect citizenship information from their customers is “in process” and […] Source
President Trump Will Order Banks to Collect Citizenship Information
A Trump administration executive order requires banks to collect citizenship information from customers. It is in “process, U.S. Treasury Secretary Scott Bessent said Monday, as experts warn it could leave millions of Americans without access to a bank account. Would that be the millions of illegal aliens? There won’t be a policy attached to it at this point. In an interview at the Semafor World Economy’s inaugural Treasury Secretary Dinner at t…
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