Trump Administration Pushes for “Proof of Citizenship” to Open Bank Accounts in the U.S.
Posted on 04/16/26 at 12:09
The administration of Donald Trump is advancing a proposal that could significantly change access to financial services in the United States.
The measure, still under development, would require proof of citizenship (such as a passport) to open bank accounts, directly impacting millions of people—especially undocumented immigrants.
- Why it matters: Access to a bank account is essential for daily life. It allows people to receive wages, pay bills, and save money.
Limiting this access could push certain groups out of the formal financial system.
Proof of citizenship to open bank accounts: executive order in progress
Scott Bessent confirmed that the administration is “in the process” of finalizing an executive order with this objective.
According to EFE, the official defended the measure, stating that he does not consider it “unreasonable” to require stricter documentation to access banking services.
During an event organized by Semafor, Bessent argued that the government should have greater clarity about who participates in the financial system.
In his remarks, he compared the situation to standards in other countries and questioned the lack of detailed information about banking users in the United States.
The U.S. Treasury Secretary, Scott Bessent, stated that a decree is being developed that could require proof of citizenship to open bank accounts.
The measure could include requesting documents such as a passport and reviewing existing accounts, which could impact… pic.twitter.com/HwUk72hQfy
— La Silla Rota (@lasillarota) April 14, 2026
This approach aims to strengthen controls, although banks are already required to follow identity verification rules under “know your customer” policies.
Potential impact on immigrants and financial access
The proposal could primarily affect undocumented immigrants, who already face barriers to accessing financial services. If implemented, requiring a passport or other proof of citizenship would further limit their ability to open bank accounts.
This could trigger a chain reaction:
- Increased use of cash
- Difficulties receiving income
- Reduced access to credit
Additionally, the change could discourage millions from using the formal banking system, leading to broader economic consequences.
Available data shows that there are about 183 million passports in circulation in the US, compared to a population of over 340 million residents.
This gap suggests that a significant portion of the population does not have this document.
New obligations for banks
The potential decree would also bring changes for financial institutions.
According to The Wall Street Journal, one option under consideration is applying the passport requirement only to new account openings.
This would require banks to adjust internal processes and verify additional documentation before allowing new accounts.
Currently, it is not mandatory to present a passport to open a bank account in the United States. In many cases, an official ID and basic documents are sufficient.
In contrast, regions like the European Union allow account openings with national IDs, without requiring a passport—highlighting differences in regulatory approaches.
Political debate and legislative support
The issue is not new in political discussions. Tom Cotton has pushed for stricter oversight of undocumented immigrants’ access to the financial system.
According to The Hill, Cotton sent a letter to the Treasury Department requesting a review of current rules.
He argued that access to the banking system should be reserved for those who comply with immigration laws.
The lawmaker believes that allowing account openings without verifying legal status facilitates economic integration outside legal channels.
This perspective reflects a more restrictive stance, while also fueling debate over financial inclusion and its economic impact.
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What’s next: a measure with broad impact
Although the executive order has not yet been finalized, its progress indicates that the government is considering concrete changes to banking regulations.
If implemented, the measure could:
- Redefine who can access the financial system
- Change requirements for opening accounts
- Increase pressure on banks and immigrants
It could also trigger reactions from the financial sector and organizations that promote economic inclusion.
In the coming months, it will be crucial to see how the rule is defined and whether it applies only to new accounts or expands further.
The debate goes beyond security and control—it also focuses on the real-world consequences for millions who rely on the banking system in their daily lives, especially under evolving proof of citizenship requirements and bank accounts policies.
