Bessent: Bank Citizenship Order in Process

TL;DR

Treasury Secretary Scott Bessent said an executive order requiring banks to collect customer citizenship information is in process.
Bessent made the comment at a Semafor dinner in Washington on Monday, calling the idea reasonable.
The order aims to track who's in the US banking system, like UK apartment resident checks.

The story at a glance

Treasury Secretary Scott Bessent told reporters at a Semafor dinner that an executive order mandating banks to gather citizenship details from customers is in process. The remark, reported by Bloomberg citing Semafor, came amid Trump administration efforts on immigration and financial oversight. This follows earlier discussions reported in February 2026.

Key points

Bessent: executive order is “in process” to require banks to collect citizenship information from customers.[[1]](https://www.bloomberg.com/news/articles/2026-04-14/bessent-says-bank-citizenship-verification-order-is-in-process)
He called it reasonable, asking: “Why don’t we have information on who’s in our banking system?”[[1]](https://www.bloomberg.com/news/articles/2026-04-14/bessent-says-bank-citizenship-verification-order-is-in-process)
Bessent compared it to UK rules: “they want to know who lives in every apartment,” citing his own property there.
The idea builds on prior Trump administration talks, first reported by WSJ and Semafor in February 2026, with pushback from banks and Treasury staff on logistics.

Details and context

The order would mark a new step in using banks for immigration enforcement, applying to both new and existing customers. Banks currently verify identity but not citizenship status. Earlier proposals faced resistance over compliance costs, privacy risks, and potential barriers for legal residents or abuse survivors proving status.

This fits broader Trump second-term actions on fraud, borders, and federal benefits, including geographic targeting orders for suspicious transactions. Semafor first reported Bessent's remarks from their Monday dinner in Washington.

Key quotes

“I don’t think it’s unreasonable, because: Why don’t we have information on who’s in our banking system?” — Treasury Secretary Scott Bessent, at Semafor dinner (quoted by Semafor reporter).[[1]](https://www.bloomberg.com/news/articles/2026-04-14/bessent-says-bank-citizenship-verification-order-is-in-process)
“I have a place in the UK; they want to know who lives in every apartment.” — Scott Bessent.[[1]](https://www.bloomberg.com/news/articles/2026-04-14/bessent-says-bank-citizenship-verification-order-is-in-process)

Why it matters

Banks verifying citizenship could expand federal tracking of immigrants and residents, tying finance to immigration policy. Customers might face new paperwork hurdles, while banks deal with added costs and risks of losing accounts. Watch for the order's final form, issuance timeline, or legal challenges from industry groups.