Treasury Secretary Scott Bessent Says Bank Citizenship Data Order Is in Process

Treasury Secretary Scott Bessent Says Bank Citizenship Data Order Is in Process

According to Bloomberg, Treasury Secretary Scott Bessent said an executive order that would require banks to collect customers’ citizenship information is being prepared.

Fact Check
The core claim is that, according to Bloomberg, Treasury Secretary Scott Bessent said an executive order requiring banks to collect customers' citizenship information is being prepared. The fetched Bloomberg article, "Bessent Says Bank Citizenship Proof Order Is ‘In Process’," directly states that Bessent said an executive order mandating banks to collect citizenship information from their customers is 'in process.' That strongly supports the claim's substance and attribution. The fetched Fox Business article, "Trump eyes bank citizenship checks amid immigration crackdown: reports," independently corroborates that the administration had been considering such an order or similar action. Although the specific X post could not be fetched, the underlying factual statement is well supported by the fetched Bloomberg report.
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Summary

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Terms & Concepts
  • Executive order: A directive issued by the U.S. president that manages operations of the federal government.
  • Know Your Customer (KYC): A compliance process in financial services used to verify customer identity and assess regulatory risk.