Story perspectives

New Citizenship Order Could Limit Bank Access for Millions

4/14/2026

Summary

Story summary

U.S. Treasury Secretary Scott Bessent announced an executive order in progress that would require banks to collect citizenship information.
The order aims to improve security by verifying customer identities.
Experts warn the measure could cut banking access for millions, including supporters of President Donald Trump.
Critics say it may do little to reduce fraud and would disproportionately affect those without passports or birth certificates, low-income people, and the elderly.

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Story summary

U.S. Treasury Secretary Scott Bessent announced an executive order in progress that would require banks to collect citizenship information.
The order aims to improve security by verifying customer identities.
Experts warn the measure could cut banking access for millions, including supporters of President Donald Trump.
Critics say it may do little to reduce fraud and would disproportionately affect those without passports or birth certificates, low-income people, and the elderly.