Treasury Secretary Scott Bessent continues on two domestic financial approaches to block banking services for illegal aliens and simultaneously target use of the financial system by those engaged in fraud of the U.S. government.

Secretary Bessent has extended the Geographic Targeting Order (GTO) within Minnesota that covers two counties, Hennepin and Ramsey.

All financial transactions over a $3,000 limit are subject to increased reporting requirements and scrutiny from the U.S. treasury.  {citation}

The measure is intended to identify any person who attempts to transfer funds obtained by fraud who operate in the region to take advantage of HHS funding programs. “Treasury promised to follow the money, and that is exactly what we are doing,” said Secretary of the Treasury Scott Bessent. “We will continue to give law enforcement critical tools to trace criminal networks that siphon taxpayer dollars and move them overseas.  The Trump Administration will not allow criminals to profit from programs intended to help vulnerable Americans.”

Additionally, the Treasury Department has now concluded the 90-day assessment laid out in an executive order titled “Restoring Integrity to America’s Financial System,” on May 19 and directed the Treasury Department, Federal Reserve, Office of the Comptroller of the Currency, FDIC, National Credit Union Administration and Consumer Financial Protection Bureau to strengthen customer identification and due-diligence rules and to reassess how banks weigh credit risk for borrowers without work authorization. 

Bessent is now giving banks and payroll companies additional guidelines and rules to ensure that illegal aliens are not exploiting the U.S. banking system.  Bessent is following a path that is predicted to eventually require banks to verify legal citizenship or legal status.  The guidelines are the first steps toward that process.

ARIZONA – […] The Office of the Comptroller of the Currency followed with an advisory on lending to borrowers not authorized to work in the U.S., instructing banks to weigh a borrower’s “willingness and capacity to repay” as part of standard underwriting.

Bessent said Arizona’s compliance programs, employee training, suspicious-activity reporting and information-sharing reflect the kind of partnership the executive order envisions. 

In return, Bessent said, the Treasury Department is committed to giving banks better tools to catch fraud early, and he promised officials in Washington would listen more closely to community bankers.

Legal and tax analysts caution that the order’s effectiveness will depend on how the regulations are written. In a June 3 client alert, law firm Debevoise & Plimpton noted the order doesn’t impose new compliance obligations on banks, though it does start agency actions that could reshape anti-money-laundering compliance, customer due diligence and lending standards. 

The CFPB is also weighing whether borrowers’ risk of deportation and lost wages should be factors in determinations of their ability to repay loans. The firm noted the order stopped short of an earlier, more sweeping proposal that would have required banks to verify citizenship status for all customers. (more)

During the Biden era our nation was forced to import 10 million people who are non-functioning in a first world system.  The illegal aliens are generally uneducated; most cannot speak the language; almost all don’t understand simple American customs and norms; they need housing, medical treatment, transportation and basic services.  At the same time people wonder why housing costs, insurance rates and general commodity prices skyrocket.

We do not need more H1B workers, or any visa workers at all.  Cancel them all, then watch what happens to the wages and job opportunities of young tech Americans.

Deport 1 million illegal aliens per month; shut down all welfare systems and safety nets for illegal aliens; eliminate all healthcare services and taxpayer funded education for illegal aliens; make all systems for immigration status originate from consulate offices outside the United States – effectively eliminating the process within America; ban illegal aliens from access to banking and remittance payments, and begin the process of filing criminal charges against any/all employers who have illegal alien workers in their organizations.

Immediately suspend the business and regulatory licenses for any employer caught using illegal alien labor and watch the wages of blue-collar workers jump faster than the 30+ million empty houses and apartments can hit the market.

The unemployment rate in July dropped from 4.20% to 4.10% because the labor force dropped by 257,000 in the same month of July.  That’s illegal alien workforce deportations in action.  We need this to continue only at a much faster pace.

We need 1 million forced deportations every month to turn the economy around.  If we can deport those illegal alien workers, then cancel all H1B and visa programs, American wages will rise.  American employers will compete for American talent.  American benefits will expand with employment competition. American housing and insurance costs will drop very quickly. American overall life will improve, and Generation Z will flourish.