Administration

Bessent says order requiring banks to collect citizenship information ‘in process’

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by Sarah Davis - 04/14/26 10:17 AM ET

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by Sarah Davis - 04/14/26 10:17 AM ET

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Treasury Secretary Scott Bessent said that a proposed executive order that would require banks to collect citizenship information is “in process” in an interview this week with Semafor.

“And I don’t think it’s unreasonable, because why don’t we have information on who’s in our banking system?” the Trump official told the outlet Monday. “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?”

The draft executive order was first reported on earlier this year, and it would require banking institutions to request additional identification documents from customers. This would be the latest in the Trump administration’s efforts to crack down on illegal immigration.

Semafor reported in February that REAL IDs would not be considered eligible documents under this new documentation requirement, as they do not prove citizenship.

The move has received some support from Republicans.

After the Wall Street Journal reported that banks could begin requiring customers’s passports under this new policy, Sen. Tom Cotton (R-Ark.) reposted a letter he sent to Bessent last October on the social platform X.

In the letter, the GOP lawmaker urged the Treasury Department to “undertake a comprehensive review of current rules that allow illegal aliens to obtain financial services and access to the US banking system.”

“Access to the American banking system is a privilege that should be reserved for those who respect our laws and sovereignty,” Cotton wrote. “When individuals are allowed to open accounts without verifying legal status, we are permitting illegal aliens to establish financial roots and integrate economically, all while bypassing the legal channels that millions use properly.”

White House spokesman Kush Desai told The Hill’s broadcast partner, NewsNation, in February that media reports about this potential decision were unconfirmed.

“Any reporting about potential policymaking that has not been officially announced by the White House is baseless speculation,” Desai said earlier this year.

The Hill has reached out to the White House for comment.

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