Trump Administration's Citizenship Tracking Order for Banks

0:00The Trump administration is gearing up for an executive order that forces banks to track citizenship status for all new and existing customers. Coming from the Treasury Department, it's aimed at tightening who gets access to banking services. Treasury Secretary Scott Besent laid it out clear during a Washington event, saying banks got to know of customers or citizens, green card holders. Or undocumented. He argued undocumented folks don't belong in the system, and it's just part of basic know-your-customer rules. Pushback hit hard in a Congressional hearing, with New York Democrat Representative Gregory Meeks clashing with Besent Overhead. Critics from a center-right think tank warn it'd pile on $33 million to $73 million of paperwork, costing banks $2 billion, $600 million to $5 billion, $600 million. Right now, banks verify identities with social security numbers or taxpayer IDs, but citizenship checks aren't required.

1:00Non-citizens can open accounts to pay taxes and join the economy, which advocates say keeps folks from going unbanked. This fits Trump's bigger immigration crackdown, linking to voter forms and census questions on citizenship. Banks are raising legal flags, and the industry is watching close as details roll out. Stay informed with Tampa Bay News today, AI-powered updates.