A Trump administration executive order that would require banks to collect citizenship information from customers is in “process,” U.S. Treasury Secretary Scott Bessent said Monday, as experts warn it could leave millions of Americans without access to a bank account.
In an interview at the *Semafor* World Economy’s inaugural Treasury Secretary Dinner at the Library of Congress, Bessent [said ](https://archive.ph/RUGbv#selection-1499.0-1499.119)he didn’t think the order would be “unreasonable.”
“Why don’t we have information on who’s in our banking system? I have a place in the U.K.; they want to know who lives in every apartment—and how do we know that it’s not part of a foreign terrorist organization?” he said.
White House spokesman Kush Desai has previously said: “Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation.”
So they can “seize criminal assets” and pocket the money.
reddittorbrigade on
Sue Trump and his racist government.
krt8090 on
They wanna be like the UK so bad, The UK has healthcare, why don’t we?
ResidentKelpien on
Banks are neither federal agencies nor government employees who are required to adhere to executive orders.
If Trump issues an XO on this matter, banks and their lawyers need to tell the Diapered Don that he better back it up with actual law or STFU.
Unknown-History on
Uuuuh, this is how you discourage investment in your country
wutareyousomekinda on
>”Why don’t we have information on who’s in our banking system? I have a place in the U.K.; they want to know who lives in every apartment—and how do we know that it’s not part of a foreign terrorist organization?” [Bessent] said.
Ah yes, that’s the first thing that comes to mind about the UK that we should emulate. More “terror” laws.
Too bad the lolbertarians are only in it for the child rape.
misken67 on
Banks already collect identity documents, what exactly is the purpose of this EO that banks don’t even have to follow because they’re not the government?
dominiond66 on
This is another reason why AI and these huge data centers across America are so dangerous. Everything about everyone will live in these data centers/prisons. Everything about our lives, our health, our financial status, our spending habits, our voting patterns …ect.
Now a rogue radical government like this Republican Administration or Corporate America can easily abuse this valuable data for political and financial benefit. We are talking about complete control/surveillance of every American, every targeted American. The marriage between technology and tyrants is a massive existential threat to humanity/democracy!
Clean-Elk9831 on
The guy convicted of fraud repeatedly is concerned about fraud. Either that, or it’s blatant racism and an active effort to make life harder for minorities.
I’m going to bite a hole in my lip with how hard I pronounce the F in “FUCK Donald Trump and his pedophile protecting administration; racist sack of smelly shit.”
God damn I hate him.
[deleted] on
[deleted]
cybah on
Hooray just means more people pay with cash and use check cashing places. What a way to tank the banking industry… moron
Lonely_Refuse4988 on
Of course! Donnie wants to hurt immigrants!
Congrats, MAGA, on the cruelty you’re imposing in America.
BigHungryFlamingo on
Sounds like this doesn’t need to be very high on the priority list.
You know what should be right at the top though?
All those huge wire transfers between Epstein and his associates.
alienbringer on
They do know the one of the legal paths to green card/citizenship is having X amount of money invested in the U.S. In order to do that, they need access to banking systems. Also, foreign money held in the U.S. is GOOD for the U.S. economy. It is how banks fucking work, they take savings and use a portion of that to give loans. Without people putting money in our banks, regardless of nationality, our economy will collapse fast.
1cl3nstd4yt on
“Know your customer” laws should be oriented toward the volume of cash flow.
If someone is depositing $60 a week that’s not criminal.
In fact, allowing these people to use banks __decreases__ crime.
Harry_Mud on
EOs are not laws. They can be ignored and should be……
LogrisTheBard on
Your choice if this happens to you is all cash or stablecoins on blockchains. Neither is much of an option for almost any w2 job. Company cuts you a check and your best option is a cash checking service fucking you over for like 10% of your paycheck. You can’t exactly dictate the terms of how a company pays you or how your landlord receives payment. Financial infrastructure is basically a human right. Sorry to whomever this affects.
fluffysmaster on
The thing is, one does not need to be a US citizen or a permanent resident to open a bank account. Foreign students in particular need accounts while they stay here.
Athleticsbaby on
“We see that you’re registered as a democrat. Which makes you an ANTFA terrorist. Guess we’ll just have to seize your accounts. Have a blessed day!”
–MAGA
FormerUsenetUser on
They don’t actually believe that everyone who has a bank account is a terrorist. They just want access to our most private data and probably, the ability to control the money in our accounts.
Also: The IRS already knows where everyone’s money is, unless they have a really good lawyer hiding it (like if you are someone like Epstein). The IRS will already likely audit you if they think you are concealing assets.
When my father died, his bank and brokerage accounts were in some disarray. It’s not like he told his heirs where his money was. So: we went to the IRS and got something called a Wage and Income Transcript, where the IRS explained where each and every single account was and how much was in it. This was done through an accountant and may have to be done that way. Point is, the US government already has that information. That’s how they audit you if you lie about how much money your investments made.
And: I am sure many foreign businesses have US bank accounts just to do business. I am sure foreign diplomats and other legal foreign residents, have some money in US bank accounts just for convenience. There has never been anything wrong with that.
Traditional-Look8839 on
Intentionally trying to freeze/remove millions of American’s bank accounts does not help anyone. It simply is cruel and evil to people who need to survive.
CAM6913 on
He’s going to steal money from bank accounts now
literallytwisted on
I really wish Trump would stop using Revelation as an instruction manual.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that **no one may buy or sell except one who has the mark or the name of the beast,** or the number of his name” Revelation 13:16–18 NKJV
Cupsforsale on
This is so that they have to use other platforms like his digital currency, etc. It’s all part of his crypto grift.
Redditanother on
You don’t want to encourage people to withdraw their money at the same time. Short sighted idiotic policies like this can lead to bank runs.
starryvelvetsky on
Executive orders are not laws. We do not have a king who rules by decree.
pjflyr13 on
…Says the guy with probably billions hidden in off-shore non USA banks around the world.
Ill-Highlight-9467 on
Is a social security number not citizenship information?
Imaginary_Art_2412 on
I guess Trump has a friend in the check cashing industry?
EchoRex on
~~Nazi~~ MAGA gold.
Firm_Ad_2334 on
And the amount of criminal activity by Trump continues to go up… just like the national debt.
nxs_sss on
Trump still trying to move us off the dollar and into crypto.
herewegoagain1024 on
DoA. Banks don’t have to abide by executive orders; they’ve already came out last month saying it’s a no go from them. And they’ve recently implemented new safeguards to protect them from getting coerced into following shit like this (threatening to remove FDIC insurance)
Pour_Me_Another_ on
Excellent idea. The economy is already struggling, so let’s remove people’s access to their money to ensure they can’t spend it.
loriwilley on
He’s doing everything he can to get as much information on everyone as he can, so his thought police can start to arrest people. It has nothing to do with immigration. None of this does. It’s about getting control of ordinary people and making sure everyone “supports” whatever he wants.
No_Customer_84 on
This seems like important info, too bad I’m too poor to afford it
IntelligentStyle402 on
I’m in my 80’ now. When Trump came down his infamous escalator, announcing his candidacy, my phone rang off the hook. We knew who he was, we read about him for decades. We warned everyone who would listen. He had done everything on our list, including war. The only two things he hadn’t done which we predicted he would do is: mess with banks and our money. Then come for every single gun. Why? Hitler also robbed his citizens of their guns. PS: all our fathers were WWII hero’s. From birth on, we were warned about fascists and knew every warning sign.
naarcx on
Sounds like a great way to ensure that less people are keeping their money in US Banks
I’m sure the banks will love this, as they hate having money
yellowspaces on
>”Access to the American banking system is a privilege that should be reserved for those who respect our laws and sovereignty,” he [Sen. Tom Cotton] said.
By that logic, your convicted felon party leader doesn’t qualify to have access to a bank account.
RalphaDog on
Yeah why does anyone care about executive orders like this, they aren’t enforceable, just ignore them
NinjaSilver2811 on
Dont you already need social security numbers to open accounts?
What the fuck is going to happen to existing accounts, how are we going to get paid?
Spiderdan on
Party of small government, btw.
pikatummy on
US banks not only know you are but also your transaction patterns and whether you present a risk to them. That’s why many banks don’t accept Donald Trump’s business.
Klytus_Ra_Djaaran on
Executive Orders just tell the Executive Branch employees how to implement the laws congress has passed. Trump thinks he is creating laws but most have no power at all.
tas_sass on
You don’t even need to be a US citizen to open a bank account in the United States. This makes no sense.
48 Comments
From the article:
A Trump administration executive order that would require banks to collect citizenship information from customers is in “process,” U.S. Treasury Secretary Scott Bessent said Monday, as experts warn it could leave millions of Americans without access to a bank account.
In an interview at the *Semafor* World Economy’s inaugural Treasury Secretary Dinner at the Library of Congress, Bessent [said ](https://archive.ph/RUGbv#selection-1499.0-1499.119)he didn’t think the order would be “unreasonable.”
“Why don’t we have information on who’s in our banking system? I have a place in the U.K.; they want to know who lives in every apartment—and how do we know that it’s not part of a foreign terrorist organization?” he said.
White House spokesman Kush Desai has previously said: “Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation.”
Read more: [https://www.newsweek.com/trump-executive-order-could-debank-millions-of-americans-what-to-know-11826299](https://www.newsweek.com/trump-executive-order-could-debank-millions-of-americans-what-to-know-11826299)
Trump is a pedophile, full stop.
Throw it in prison.
So they can “seize criminal assets” and pocket the money.
Sue Trump and his racist government.
They wanna be like the UK so bad, The UK has healthcare, why don’t we?
Banks are neither federal agencies nor government employees who are required to adhere to executive orders.
If Trump issues an XO on this matter, banks and their lawyers need to tell the Diapered Don that he better back it up with actual law or STFU.
Uuuuh, this is how you discourage investment in your country
>”Why don’t we have information on who’s in our banking system? I have a place in the U.K.; they want to know who lives in every apartment—and how do we know that it’s not part of a foreign terrorist organization?” [Bessent] said.
Ah yes, that’s the first thing that comes to mind about the UK that we should emulate. More “terror” laws.
Too bad the lolbertarians are only in it for the child rape.
Banks already collect identity documents, what exactly is the purpose of this EO that banks don’t even have to follow because they’re not the government?
This is another reason why AI and these huge data centers across America are so dangerous. Everything about everyone will live in these data centers/prisons. Everything about our lives, our health, our financial status, our spending habits, our voting patterns …ect.
Now a rogue radical government like this Republican Administration or Corporate America can easily abuse this valuable data for political and financial benefit. We are talking about complete control/surveillance of every American, every targeted American. The marriage between technology and tyrants is a massive existential threat to humanity/democracy!
The guy convicted of fraud repeatedly is concerned about fraud. Either that, or it’s blatant racism and an active effort to make life harder for minorities.
I’m going to bite a hole in my lip with how hard I pronounce the F in “FUCK Donald Trump and his pedophile protecting administration; racist sack of smelly shit.”
God damn I hate him.
[deleted]
Hooray just means more people pay with cash and use check cashing places. What a way to tank the banking industry… moron
Of course! Donnie wants to hurt immigrants!
Congrats, MAGA, on the cruelty you’re imposing in America.
Sounds like this doesn’t need to be very high on the priority list.
You know what should be right at the top though?
All those huge wire transfers between Epstein and his associates.
They do know the one of the legal paths to green card/citizenship is having X amount of money invested in the U.S. In order to do that, they need access to banking systems. Also, foreign money held in the U.S. is GOOD for the U.S. economy. It is how banks fucking work, they take savings and use a portion of that to give loans. Without people putting money in our banks, regardless of nationality, our economy will collapse fast.
“Know your customer” laws should be oriented toward the volume of cash flow.
If someone is depositing $60 a week that’s not criminal.
In fact, allowing these people to use banks __decreases__ crime.
EOs are not laws. They can be ignored and should be……
Your choice if this happens to you is all cash or stablecoins on blockchains. Neither is much of an option for almost any w2 job. Company cuts you a check and your best option is a cash checking service fucking you over for like 10% of your paycheck. You can’t exactly dictate the terms of how a company pays you or how your landlord receives payment. Financial infrastructure is basically a human right. Sorry to whomever this affects.
The thing is, one does not need to be a US citizen or a permanent resident to open a bank account. Foreign students in particular need accounts while they stay here.
“We see that you’re registered as a democrat. Which makes you an ANTFA terrorist. Guess we’ll just have to seize your accounts. Have a blessed day!”
–MAGA
They don’t actually believe that everyone who has a bank account is a terrorist. They just want access to our most private data and probably, the ability to control the money in our accounts.
Also: The IRS already knows where everyone’s money is, unless they have a really good lawyer hiding it (like if you are someone like Epstein). The IRS will already likely audit you if they think you are concealing assets.
When my father died, his bank and brokerage accounts were in some disarray. It’s not like he told his heirs where his money was. So: we went to the IRS and got something called a Wage and Income Transcript, where the IRS explained where each and every single account was and how much was in it. This was done through an accountant and may have to be done that way. Point is, the US government already has that information. That’s how they audit you if you lie about how much money your investments made.
And: I am sure many foreign businesses have US bank accounts just to do business. I am sure foreign diplomats and other legal foreign residents, have some money in US bank accounts just for convenience. There has never been anything wrong with that.
Intentionally trying to freeze/remove millions of American’s bank accounts does not help anyone. It simply is cruel and evil to people who need to survive.
He’s going to steal money from bank accounts now
I really wish Trump would stop using Revelation as an instruction manual.
“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that **no one may buy or sell except one who has the mark or the name of the beast,** or the number of his name” Revelation 13:16–18 NKJV
This is so that they have to use other platforms like his digital currency, etc. It’s all part of his crypto grift.
You don’t want to encourage people to withdraw their money at the same time. Short sighted idiotic policies like this can lead to bank runs.
Executive orders are not laws. We do not have a king who rules by decree.
…Says the guy with probably billions hidden in off-shore non USA banks around the world.
Is a social security number not citizenship information?
I guess Trump has a friend in the check cashing industry?
~~Nazi~~ MAGA gold.
And the amount of criminal activity by Trump continues to go up… just like the national debt.
Trump still trying to move us off the dollar and into crypto.
DoA. Banks don’t have to abide by executive orders; they’ve already came out last month saying it’s a no go from them. And they’ve recently implemented new safeguards to protect them from getting coerced into following shit like this (threatening to remove FDIC insurance)
Excellent idea. The economy is already struggling, so let’s remove people’s access to their money to ensure they can’t spend it.
He’s doing everything he can to get as much information on everyone as he can, so his thought police can start to arrest people. It has nothing to do with immigration. None of this does. It’s about getting control of ordinary people and making sure everyone “supports” whatever he wants.
This seems like important info, too bad I’m too poor to afford it
I’m in my 80’ now. When Trump came down his infamous escalator, announcing his candidacy, my phone rang off the hook. We knew who he was, we read about him for decades. We warned everyone who would listen. He had done everything on our list, including war. The only two things he hadn’t done which we predicted he would do is: mess with banks and our money. Then come for every single gun. Why? Hitler also robbed his citizens of their guns. PS: all our fathers were WWII hero’s. From birth on, we were warned about fascists and knew every warning sign.
Sounds like a great way to ensure that less people are keeping their money in US Banks
I’m sure the banks will love this, as they hate having money
>”Access to the American banking system is a privilege that should be reserved for those who respect our laws and sovereignty,” he [Sen. Tom Cotton] said.
By that logic, your convicted felon party leader doesn’t qualify to have access to a bank account.
Yeah why does anyone care about executive orders like this, they aren’t enforceable, just ignore them
Dont you already need social security numbers to open accounts?
What the fuck is going to happen to existing accounts, how are we going to get paid?
Party of small government, btw.
US banks not only know you are but also your transaction patterns and whether you present a risk to them. That’s why many banks don’t accept Donald Trump’s business.
Executive Orders just tell the Executive Branch employees how to implement the laws congress has passed. Trump thinks he is creating laws but most have no power at all.
You don’t even need to be a US citizen to open a bank account in the United States. This makes no sense.
What about corporate accounts and PAC funds?