Congressman Wants to Ban Illegal Aliens From Banking System Amid Possible Trump EO
FIRST ON THE DAILY SIGNAL—Citing concerns that access to financial services incentivizes illegal immigration and could aid terrorism, Rep. Keith Self, R‑Texas, introduced legislation Thursday that would bar illegal aliens from the U.S. banking system by requiring banks to collect customers’ citizenship or immigration status.
“Access to America’s financial system is reserved for those who respect our laws—not for illegal aliens who break them,” Self told The Daily Signal. “Those who enter illegally should not be rewarded with taxpayer‑backed banking services. This legislation draws a hard line: If you are here illegally, you will not have access to our financial system.”
The bill would prohibit covered financial institutions from opening or maintaining accounts for individuals who are not lawfully present in the United States. It would require customers to present documentation demonstrating U.S. citizenship or lawful presence, such as a U.S. passport, a REAL ID‑compliant driver’s license, a permanent resident card, or other qualifying federal documentation.
Individuals with authorized temporary stays would be required to certify their lawful presence under a structured compliance process. Existing accounts would also be subject to review, restriction, and eventual closure if updated documentation is not provided after an individual’s lawful status expires.
The legislation establishes penalties for individuals who knowingly open or maintain active accounts while not lawfully present and includes safe‑harbor protections for financial institutions that make good‑faith efforts to comply.
A companion bill has been introduced in the Senate by Sen. Tom Cotton, R‑Ark.
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“Access to the American banking system is a privilege that should be reserved only for those who respect our laws and sovereignty,” Cotton said in a press release shared with the Daily Signal. “My bill will prevent illegal aliens from using our financial institutions to help them stay in our country.”
Trump Administration Action
In April, Treasury Secretary Scott Bessent said an executive order directing banks to collect customers’ immigration data is currently “in process.”
Bessent said such a requirement would not be “unreasonable.”
“Why don’t we have information on who’s in our banking system?” he said. “I have a place in the U.K.; they want to know who lives in every apartment. And how do we know that it’s not part of a foreign terrorist organization?”
While a White House official did not rule out the executive order, the official told The Daily Signal that its contents have not been finalized.
At the time of the initial reporting, a White House official told Time magazine that the administration “continues to explore ways to protect our banking system from unacceptable credit risks and to ensure that banking services remain available and affordable for all Americans.”
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