"It's in process, and I don't think it's unreasonable, because: Why don't we have information on who's in our banking system?"

Earlier last month, Treasury Secretary Scott Bessent revealed that President Donald Trump plans to soon announce and sign an executive order that would allow banks to ask for biometric data to register and hold a bank account, under the guise of tackling illegal immigration.

In February, Semafor reported on rumors of this executive order being in the works. The report noted, however, that REAL ID — that little star on Americans' driver's licenses and IDs — would not be sufficient enough identification and more information would be required.

The outlet wrote at the time:

The Trump administration is considering requiring banks to collect proof of citizenship, like passports, from its customers, people familiar with the talks told Semafor.

The policy would be retroactive, which means banks would have to solicit documentation from current customers as well as future ones, the people said. REAL IDs, which do not prove citizenship, would not be considered eligible.

One financial services lobbyist called the idea a "complete nightmare" logistically. The lobbyist also warned of potential pushback from GOP voters: "The admin might think this is a good idea until Joe MAGA in Alabama is asked to present his papers."

"Verifying every bank customer's citizenship status would be unworkable," said another person familiar with the recent talks. "Such a mandate could force every bank in America to solicit documentation that many everyday Americans do not have on hand. To put that into perspective, the US government has spent the last 20 years trying to encourage adoption of the REAL ID, and even that form of documentation does not constitute proof of citizenship."