Sen. Tom Cotton, R-Ark., is calling on the Department of the Treasury to undertake a comprehensive review of rules that allow illegal immigrants to obtain financial services and access to the U.S. banking system.
In a letter to Treasury Secretary Scott Bessent, Cotton wants a review of the regulations governing the acceptance of foreign identification documents for opening bank accounts in the country.
“Many of these individuals have accessed the U.S. banking system using foreign-issued identification documents such as Matricula cards, without verifying immigration status,” Cotton wrote in his letter.
“Major financial institutions currently accept these foreign documents as primary identification, effectively extending the privileges of our financial system to those who entered or remain in the country illegally,” Cotton continued.
Cotton said only people who respect American laws and sovereignty should have access to its banking system.
“When individuals are allowed to open accounts without verifying legal status, we are permitting illegal aliens to establish financial roots and integrate economically, all while bypassing the legal channels that millions use properly,” Cotton said.
The Arkansas senator said he wants the Treasury Department to explore whether the USA PATRIOT Act or the Bank Secrecy Act could be used to prevent illegal aliens from opening accounts at U.S. financial institutions.
“Our immigration laws exist to protect American workers, ensure national security, and maintain our sovereignty,” Cotton said. “Financial regulations should not undermine these objectives.”
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