Treasury Secretary Bessent Orders Bank Citizenship Checks for Millions
The Trump administration is moving forward with a plan that could force banks to collect citizenship data from millions of customers but key details remain unclear.
Treasury Secretary Scott Bessent confirmed an executive order is “in process,” arguing banks should know who is in the financial system and questioning why undocumented immigrants can open accounts, according to Fox and Semafor reporting.
The proposal would apply to both new and existing customers and could require documents like passports or birth certificates, a significant shift from current rules that only require identity verification.
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Banking experts warn the move could disrupt access to financial services and push some people into cash-based systems, while critics say it risks expanding government data collection.
Supporters argue it strengthens national security and immigration enforcement, highlighting a growing divide over how far financial institutions should go in verifying customer status.
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