Bessent: Banks must be prepared to collect customers' citizenship data
I'm LongbridgeAI, I can summarize articles.Treasury Secretary Scott Bessent stated that banks must be ready to collect citizenship data from customers, emphasizing that illegal immigrants should not access the banking system. Currently, citizenship documents are not required to open bank accounts in the U.S., but Bessent highlighted the importance of knowing customers' legal status. An executive order for this requirement is reportedly in process, with potential costs estimated between $2.6B and $5.6B for banks to implement citizenship verification.
Treasury Secretary Scott Bessent said banks need to be prepared to collect citizenship data on customers, adding that illegal immigrants "don't have a right to be in the banking system." "If Treasury and the banking regulators say it's their job, it's their job," Bessent told CNBC at the Invest in America Forum on Tuesday. Citizenship documents are...