Donald Trump is considering a possible executive order that would require banks to make sure customers are U.S. citizens to create or keep their accounts, according to a new report.
The proposed action, reported byThe Wall Street Journal, would see banks collect information on individuals’ citizenship through requests for a new category of documents in order to open the accounts.
The Independent has contacted the White House for confirmation or further information about reports of the executive order, which has reportedly raised eyebrows among some banks in recent days.
The article makes it sound like Trump’s racism against Somais and hatred of Ilhan Omar has a basis in fact and sanewashes his invasion of US cities by armed goons. Not unusual for the often-shoddy journalism of the oligarch-owned Independent.
One thing that is correct that many people posting here seem not to understand is that there is no current residency requirement to open a bank account in the US. Some banks will refuse because of their own policies, but that’s it. You have to prove your identity, not your lawful residency status.
Yeah that’s gonna generate an absolute shitload of lawsuits.
Also, way to go speeding the shift away from the USD as the de facto global reserve currency. Jesus tapdancing christ.
Draining the courts’ resources AND make daddy putin happy, sounds like a win-win for Trump
I’m certain that suddenly de-banking all green-card holders will … do wonders for the US’s innovation-position, globally … won’t it?
Ideology masquerading as “thinking” never legislates properly.
Bullying idiots, with their oversimplification “reality” they’re doing their bullying in.
_ /\ _
Corporations are not citizens, so all corporate accounts are toast as well, right?
Of course not, just like rich non-citizens will be welcome to keep their accounts. The rules only apply to the poors.
What are the odds this is some weird play he’s doing on his/his sons stable coin?
Damn, thats crazy.
Did he release all the Epstein files yet?
no, but he likes to uses EOs as distraction from epstein.
Let’s pretend this passes and becomes law. Now imagine a nationwide call for people to do a run on their bank, and pull out all their money. Even when the banks try to limit withdrawals, it doesn’t mean you can’t come back at some point and keep withdrawing.
Not everyone would do it, but eventually the news would be running in panic mode, as would investors.
I’d imagine the banks would be keen to demand a reversal of the law real quick…
You wouldn’t even need to organize some mass campaign to get people to pull money out. This thing will trigger a bank run all on its own. Do you think the banks have enough reserves to immediately cash out the accounts of every non-citizen? Sometimes a bank decides it doesn’t want to do business with someone anymore and will close their account. If that happens to you, they send you a check with your account balance on it. But we’re talking tens of millions of people here, many with substantial amounts in US accounts. This order, if implemented, would cause every bank in the country to collapse. They just don’t maintain the reserves to cash out that many accounts all at once.
Let’s pretend this passes and becomes law.
It’s en executive order. Nothing to pass, and it probably will get defeated in court unless they can venue-shop and route it to a corrupt judge.
Can we cause essentially a run on the bank by having 40% of us move all our liquid assets to euros at once and continuing to move incoming money to cash?
If only people worked together like that, we’d do amazing things.
Sharemarket too, I’d have to sell my US shares without my brokerage bank acct (I don’t live in the US)
He truly is the stupidest man I’ve ever heard of…and I knew a guy who boiled his sliced bread because the toaster was broken (true story, and he procreated…a lot).
He truly is the stupidest man I’ve ever heard of
It’s long past time to kill executive orders. Even the times they are used for good, they are often legally dubious and live on the whims of the courts.
They need to go back to what they were originally intended to be. It wasn’t supposed to be a way to enact new laws, it was meant to give agencies direction on how to go about enacting and enforcing laws passed by congress.
The whole system is broken and corrupt though. So no simple fixes for any of the issues unless you consider tear it all down and start fresh as simple.
It wasn’t supposed to be a way to enact new laws, it was meant to give agencies direction on how to go about enacting and enforcing laws passed by congress.
EOs should be considered dead on arrival and unenforceable unless they begin and end by listing which laws passed by Congress they’re meant to enforce and enact.
The problem isn’t citations, it’s the legislative branch and the courts not doing their duty of oversight.
Just waiting for that inevitable heart attack…
I hope it fucking hurts, too.
So if someone is a permanent resident are they just expected to keep their money under their mattress?
No, they should put it in the safest store of value Trump Coin, or whatever crypto BS his sons are hocking these days.
Their what now? That’s ICE’s money. After the pulled the immigrant out of his bed, that money was just laying there. Nobody owns it, so it’s finders keepers.
No need for the /s. In the Land of the Free the pigs can just keep it. Legally.
(Technically it has to be involved in a crime, but ICE are criminals, so anything they do is by definition involved in a crime. And it’s not like technicalities have ever stopped other swine breeds from stealing people’s cash anyway.)
Correction, it doesn’t need to be involved in a crime, the cops just need to pretend to think it might have been.
I didn’t even need to click on the link to know it pointed to civil forfeiture. The fact that they’re not required to destroy whatever they steal creates one hell of a perverse incentive to keep doing it.
So what would happen to all of those bank accounts of people on work visas?
…or legal permanent residents…
Seriously! Anyone who thinks about this for half a second realizes the repercussions of only allowing US citizens bank accounts. Are we just eliminating immigration entirely now? Immigrants have to prove that they are financially self-sufficient and doing that without a bank account is… effectively impossible. Every legal permanent resident would be immediately unable to function in society. Most jobs require direct deposit into a bank account these days and won’t issue paper checks. How do you even pay rent or a mortgage without a bank account.
It would be absolute chaos.
Women are next.
It would be absolute chaos.
So a Trump Presidency term.
Can you even cash a cheque without a bank account?
Yes, but only at select places, maybe some banks but usually a check cashing place, and they charge a big cut of the check.
Walmart will fare well.
😬
Then there’s the racket of paycheck lending places, where you get an advance on your next check for a big fee/interest. A brief solution for those who are that desperate for money now, but it digs a deep hole that many fall into.
Profit!
OR just all the thousands of people from other countries that do business with the US.
I wouldn’t mind if they write off my mortgage.
Hell even my travel Wise card gives me a local US bank acct number, I don’t even have a visa
Lol idk imagine they are a giant oil ship from venezuela.
Do you want to collect less in taxes? Cuz this is how you encourage cash under the table compensation agreements. Fuck it, make it a law you have to be a citizen to own a home, trade stocks and buy anything that is not food. Ill get my citizenship from Niue where they have an average annual population growth rate of 1 person per year and ill go full on undocumented illegal who follows the lae by not paying taxes!
Do you want to collect less in taxes?
I’m sure they plan to make it up with civil asset forfeiture (i.e., theft).
If the victim has their cash under the table they can steal it more easily than if it’s in the bank. And with a harder to track paper trail. Easier for it to get lost and end up in Trump’s pocket.
I’m fairly sure that’s the point.
They can open up Cayman Island bank accounts just like the billionaire tax evaders.
