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.
Damn, thats crazy.
Did he release all the Epstein files yet?
no, but he likes to uses EOs as distraction from epstein.
I think that’s backwards. If anything the files are the distraction from the fascist takeover of the country.
They are one in the same thing.
So now republicans are cool with the government telling businesses who they can and cannot do business with?
I’m not sure whether to file this one under projection or just good old bigotry.
So now republicans are cool with the government telling businesses who they can and cannot do business with?
Democrats are cool with it too.
When it passed, 80% of the democrats in the Senate voted YES for the Immigration Control and Reform Act of 1986; which is the law that makes it illegal for business to hire undocumented people. It was later signed into law by Reagan. More Democrats actually voted yes for that bill than Republicans. The bill was even introduced into the house by a Democrat.
What a 180 the left has done on immigration.
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.
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
okay… but… why is that a problem?
It’s not.
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.
this is their goal, they’re trying to collapse the US economy. disaster capitalism is all that’s left when all other fields are taken/captured by effective monopolies. there’s no room for organic growth, just smashing shit to the ground and buying up distressed assets on the cheap
we have done this boom/bust cycle many times now
Draining the courts’ resources AND make daddy putin happy, sounds like a win-win for Trump
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…
If only people worked together like that, we’d do amazing things.
If your bank is legally required to unilaterally take your wealth from you at the whim of Trump, everyone with wealth will put it elsewhere. Historically, bank runs are much harder to stop than start.
The same concern looms over govts threatening to sieze accounts that belong to the Kremlin over Ukraine. If anyone does it, they are implicitly signaling to their other clients that their funds are not safe from political strife.
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.
This is the end-game takeover part and it’s all about consolidation of government into the hands of corporations. Collapse every bank but don’t worry, TrumpBank will suddenly be there to take on all customers with the US Treasury backing it, funneling all banking in the country into one institution to consolidate control.
I’ve spent the last few years feeling like the old tinfoil hat conspiracy theorist stereotype, even when these things prove true. Even typing out this shit makes me feel it again. There was a time when something like this was absurd, now, well…
Not to mention the fear. If they are first, what next people who say bad things about dear leader.
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.
Aileen is pretty busy these days I hear.
Maybe she’ll bootlick herself into an early grave.
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?
Just try, and suddenly they’ll slap exchange controls on us.
My understanding is that FDIC means you can’t really do a bank run, the bank can just get its money back from the feds
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.
Yep. The courts could sort of solve this with a large rubber stamp that says “Nope”, but our court system has been replaced by a tall Australian Marsupial.
You can’t really kill them. Technically it’s just the President saying do X or Y.
On their own, they have no effect in law.
They only instruct the Executive Branch on how to operate WITHIN existing law.
The executive branch seems a bit… Too expanded if that’s the case.
Well much of what he is ordering is already illegal. So passing more laws sort of justifies his lawlessness.
I think what they are saying is if everytime Congress creates an agency and puts it under the executive it expands the power.
I wonder if the goal is to push more people into crypto to prop it up?
The goal is to fuck over immigrants and poor people, and they don’t care who ends up as collateral damage.
That will be the ultimate outcome. At this point I would be preferred to be paid in gold and silver.
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?
Corporations have the same rights as human beings. Corporations are in fact, in the eyes of the law, people.
Corporations are in fact, in the eyes of the law, people.
People, sure. But are they Citizens? They can’t vote, they can’t run for or hold office, so it seems they aren’t.
What is a superPAC?
Ooh, don’t say that out loud, citizens united might hear you
In 20 years, we’ll be hearing President Amazon’s state of the union address, followed by a rebuttal from Senator Walmart.
So what would happen to all of those bank accounts of people on work visas?
…or legal permanent residents…
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.
All the easier for ICE to take.
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).
I knew a guy who boiled his sliced bread because the toaster was broken
Edit: I kinda forgot that this comment was about Trump. This dude is great, but… just watch the video, you’ll see what I mean 😆
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!
be a citizen to own a home, etc
That’s part of the point, eventually. You just start narrowing who’s a “citizen” from there. It’s why they want to get rid of birthright citizenship so badly, because then you can make up whatever test you like, and potentially even say “alright, NOBODY is a citizen unless you go and present yourself for racial profiling/pass a test/etc” or whatever.
Now I see where the ICE bonuses are going to come from
I think this will ultimately lead to Trump hoovering up the wealth of his enemies, by closing accounts and having banks transfer the assets to his own hoard. DOGE stole information from the treasury, so Trump has a list to work with.
That would cause bank runs and crash the economy.
Damn. Instead of releasing the Epstein files, he’s really gonna shoot the USD in the foot some more. I bet they’re stupid enough to also try to confiscate that money. Watch those Benjamin’s become toilet paper real quick.
