❓WHAT HAPPENED: Senator Tom Cotton introduced the Know Your American Customer Act to ban illegal migrants from accessing the U.S. banking system, and a statement from the Treasury to The National Pulse appears to embrace it.
👤WHO WAS INVOLVED: Senator Tom Cotton (R-AR), U.S. financial institutions, and illegal migrants.
📍WHEN & WHERE: March 2026, Washington, DC.
💬KEY QUOTE: “U.S. Treasury remains committed to supporting the President’s agenda with all available tools, including the targeted use of anti-money laundering capabilities.” – Treasury spokesman.
🎯IMPACT: The bill aims to ensure that U.S. financial institutions comply with immigration laws and prevent illegal migrants from using banking services.
Senator Tom Cotton (R-AR) has introduced the Know Your American Customer Act, a bill designed to restrict illegal migrants from accessing the American banking system. The legislation mandates that U.S. financial institutions verify the legal status of new customers to ensure compliance with immigration laws. A statement from the Treasury to The National Pulse appears to be broadly supportive of the move.
The bill would require banks and credit unions insured by the FDIC or NCUA to confirm that individuals opening new accounts are U.S. citizens, permanent residents, or legally present on a valid visa. Customers would need to present identification, such as a driver’s license or passport, along with proof of legal status.
Existing customers would be grandfathered into the system, allowing them to maintain or open new accounts at their current institutions. However, it would become a federal crime for illegal migrants to open or maintain accounts at covered institutions under the proposed law.
In 2025, Senator Cotton sent a letter to Treasury Secretary Scott Bessent, urging a review of current rules regarding illegal immigrant access to the U.S. banking system. Cotton emphasized the importance of upholding sovereignty and ensuring that financial institutions do not inadvertently assist in breaking immigration laws.
Speaking exclusively to The National Pulse, a Treasury spokesman said: “President Trump has taken a stronger stance against illegal immigration than any president in history, securing our border on day one and leading a government-wide effort to stop the flow of criminals and deadly fentanyl into our country. U.S. Treasury remains committed to supporting the President’s agenda with all available tools, including the targeted use of anti-money laundering capabilities, to protect American citizens from illegal aliens and cartels.”
“Access to the American banking system is a privilege that should only be reserved for those who respect our laws and sovereignty,” Senator Cotton stated.
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