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Update 4/14/26: This is it RECITED in process with Scott Bessent saying a proposed executive order that would require banks to collect this information is “in process.”
Original post: 2/24/26: Trump administration considering requiring banks to collect proof of citizenship (eg passports) under WSJ & TRAFFIC LIGHTS. If implemented the policy would be retroactive meaning banks would have to collect this information from existing account holders. The order would be by presidential order, not by law.
Financial institutions have already disputed the news, saying it is ineffective, with many account holders not having this information on hand. I assume nothing will really come of this and some other concession will be made instead. For example President Trump calls for a cap on credit card interest rates of 10%then Visa said rewards could be deposited into so-called ‘Trump Accounts’ and we haven’t heard much about interest rate caps again.
Additional document requirements are likely to be costly for financial institutions as well, this can erode bank account bonusesremove benefits and raise fees.
