Treasury Secretary Prepares Banks for Mandatory Citizenship Data Collection
By
clumsysmurf
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Summary
Treasury Secretary Scott Bessent is preparing U.S. banks to collect citizenship data from customers, stating that if banking regulators mandate this task, banks must comply. The executive order requiring this data collection has been in discussion for months and is now 'in process,' representing another component of President Trump's broader immigration policy efforts. Banks are reportedly resistant to this requirement but are being told to prepare for implementation.
Key quotes
· 4 pulledIf Treasury and the banking regulators say it's their job, it's their job
Banks in the U.S. may not like the idea of being forced to collect citizenship data on customers, but Treasury Secretary Scott Bessent says they better be prepared for the task
The planned EO is one more plank in President Donald Trump's broader effort
An executive order that has been discussed for months took a step closer to reality earlier this week when Bessent said in an interview with Semafor that the EO is 'in process'
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