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EXCLUSIVE: Sen. Tom Cotton wants to prevent illegal immigrants from opening bank accounts

Senator Tom Cotton (R-Arkansas) introduced legislation to ban illegal migrants from the American banking system. The Know Your American Customer Act requires U.S. financial institutions to verify the legal status of new customers to ensure American banks are not helping illegal migrants break our nation’s laws. In 2025, Senator Cotton wrote a letter to Treasury Secretary Scott Bessent asking that he review current rules for illegal immigrant acc…
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Washington Reporter broke the news in on Wednesday, March 25, 2026.
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