Trump Executive Order Could Debank Millions
U.S. Treasury Secretary Scott Bessent stated that an executive order requiring banks to collect citizenship information from customers is “in process,” a move intended to enhance security and prevent access by foreign terrorist organizations. This proposed policy, supported by some lawmakers who believe access to the banking system should be a privilege for law-abiding individuals, has raised concerns among banking experts. They warn that the order could inadvertently disenfranchise millions of Americans, including some of the policy’s potential supporters, who may lack the required documentation such as passports or birth certificates, leading to them being “debanked.” While similar citizenship checks are standard practice in international banking for anti-money-laundering purposes, the broad application and potential impact on American citizens without readily available documentation remain significant concerns.
John Q. Hosedrinker