Treasury Secretary Scott Bessent said that the proposed executive order that would make it mandatory for banks to collect citizenship information is in the process. “It’s in process. And I don’t think it’s unreasonable, because: Why don’t we have information on who’s in our banking system? I have a place in the UK; 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 told Semaphor.
This would be a step in the administration's ongoing crackdown on illegal immigration. Under the proposal, REAL IDs would not be considered eligible documents for banking purposes.
