politics
U.S. Treasury Moves Forward with Bank Requirement to Verify Customer Citizenship
The U.S. Treasury is developing a plan requiring banks to collect and verify customers' citizenship information. Treasury Secretary Scott Bessent stated the order is in process. Estimates indicate potential administrative costs of $2.6 billion to $5.6 billion and additional paperwork hours.
May 1, 10:00 AM·1m read1 source
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U.S. Treasury is advancing a plan that would require banks to collect and verify customers' citizenship information, the Washington Examiner reported. 220, which mandates collecting identifying information and using risk-based procedures to form a reasonable belief of a customer's true identity, according to the Washington Examiner.
6 billion in administrative costs, the Washington Examiner reported. Estimates suggest roughly 47% of Americans don’t have a valid passport, per the Washington Examiner. , is president of Ginn Economic Consulting.
He was a former chief economist at the White House Office of Management and Budget. Ginn resides in Round Rock, Texas.
