Summary
President Donald Trump is working on an executive order that would make banks ask for citizenship information from their customers. The idea is to prevent illegal immigrants from having bank accounts, but it could also make it hard for many Americans to keep their accounts if they don't have the right documents.
Key Facts
- The order would require banks to check citizenship by asking for documents like passports or birth certificates.
- This rule is aimed at preventing illegal immigrants from using U.S. banking services.
- Millions of Americans without proper identification, such as passports or birth certificates, might be unable to maintain their bank accounts.
- The order is expected to apply to both new and existing bank customers.
- In the U.S., only about half of the population has a passport, with significantly lower rates in states that voted for Trump.
- Experts warn that some of Trump's own supporters could lose their bank accounts due to this requirement.
- The executive order is still in the planning stage, and details like specific document requirements are not finalized.
- The approach is similar to practices in other countries where banks use identity checks to prevent money laundering.
