On April 14, 2026, Treasury Secretary Scott Bessent confirmed at a Semafor-hosted dinner that an executive order requiring banks to collect citizenship information from all customers is “in process.” Bessent: “I don't think it's unreasonable, because: Why don't we have information on who's in our banking system?”
The order would mandate that financial institutions request identification documents — passports, birth certificates — from both new and existing account holders to verify citizenship status. But banking experts warn millions of Americans, including Trump supporters, would lose access:
Only half of Americans own passports. Nearly 4 million report their birth certificate lost, stolen, or destroyed. The 10 states with the lowest passport rates (37% or below) all voted for Trump in the last three elections. Elderly Americans born before standardized record-keeping, low-income individuals relying on basic accounts, and students would all face barriers.
The proposal was first reported in February 2026 and delayed in March after pushback from Wall Street and community banks. Bessent's April 14 confirmation signals the administration is reviving it.
The irony: Trump signed an executive order in early 2025 against “politicized” debanking of crypto companies. Now his administration is pursuing an order that banking experts say would debank millions of his own voters.
Legal experts note Trump likely cannot implement this unilaterally — changing banking requirements would require Congress or the Administrative Procedure Act's rulemaking process, which could take 1-2 years.