Banking groups are trying to block a White House plan to exclude millions of illegal migrants from the nation’s banking system, according to the Washington Post.
The plan would pressure migrants to self-deport and so help President Donald Trump carry out his 2024 promise and mandate to deport millions of illegal migrants admitted by the Democratic Party and their business allies.
“The Trump administration has delayed an executive order that could have required banks to collect and report more information on the immigration status of their customers, after Wall Street and small community lenders pushed back,” the newspaper reported on March 20. It added:
In meetings with administration officials, representatives of the banking industry argued that requiring millions of existing customers to provide records verifying their citizenship status was not practical. The delay has not been previously reported, and such an order could still be revived, said the people who spoke on the condition of anonymity to discuss private discussions. But it is expected to be significantly narrowed from earlier drafts.
The article is written by one of the Post‘s banking reporters, and it reflects the banks’ desire to stop or shrink the deportation of illegal migrants.
The dispute is very important because “it gets to the core issue of whether we are serious about making it as difficult as possible to live here as an illegal alien,” Mark Krikorian, director of the Center for Immigration Studies, told Breitbart News. He added:
Arresting people in the streets … has to be done [because] there’s plenty of instances where ICE needs to go and track people down and arrest them. But most immigrants are only going to be induced to leave [via self-deportation] if they can’t find a job, can’t open a bank account, and can’t get a driving license … This [bank regulation] is an important part of that.
It is an encouraging sign that the street arrests are not just theater because if they were doing nothing else, then that would be disturbing from my perspective … It would be a sign that they’re not serious [about self-deportations]. But the administration does seem to be serious about this, and so I’m encouraged.
Officials also must make it difficult for employers to hire migrants, he said, adding:
That [hiring curbs] has been gutted by mass identity fraud, but there are plenty of ways of addressing that. None of them is perfect, none of them solves everything, but there are plenty of ways of making it harder for aliens to get jobs.
E-Verify is important. No-Match letters from the Social Security Administration for employers whose [employees’] payroll information doesn’t match the government’s records. Prosecute some employers. It’s a hard thing to do the way the law is written, but it can be done, and it’s important politically for the administration. It is important for the public to see that employers are also getting punished, not just the illegal aliens as well.
“The whole set of employment-related issues is an essential part of any strategy to reduce the illegal population,” Krikorian said.
Banks and Wall Street financial companies quietly welcome the inflow of illegal migration, because migrants generate many billions of dollars in revenues as they earn and transfer cash, or borrow loans for autos and housing. The illegals also provide the extra low-wage labor that enables a wide variety of low-productivity enterprises that also generate income for the banks.
“A delayed bad idea is still a bad idea,” Anisha Steephen, a former Treasury senior adviser, told the American Banker.
This proposal would impose significant operational burdens on banks and backfire economically, but more importantly, it misuses know-your-customer rules, which are designed to verify identity and prevent financial crime — not to serve as tools for immigration enforcement … Pushing immigrants and mixed-status families out of the regulated banking system would make financial activity less transparent and harder to monitor. The administration should scrap this proposal altogether; it risks undermining financial stability and imposing real economic costs.”
But Americans and their families gain when the federal government excludes migrants.
Under Trump’s low-migration, high-deportation reforms, Americans’ wages are up, housing costs are down, inflation is declining, transport costs are shrinking, crime is dropping, and corporations are spending heavily to help Americans become more productive and earn more wages for each working hour.
