Bessent says order requiring banks to collect citizenship information ‘in process’
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The Bottom Line
Treasury Secretary Scott Bessent confirms an executive order requiring banks to collect citizenship data is in process.
How This Affects You
This potential order could require your bank to collect your citizenship details, impacting financial privacy and banking access for non-citizens.
AI Summary
Treasury Secretary Scott Bessent stated that an executive order requiring banks to collect citizenship information is "in process." Speaking to Semafor, Bessent defended the proposal, questioning why the government lacks data on individuals within the banking system. This potential order would mandate financial institutions to gather citizenship details from their customers. The move could significantly alter banking practices and raise questions about privacy and data collection for all account holders.
What's Being Done
Treasury Secretary Scott Bessent stated the executive order is "in process."
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