Senator Tom Cotton of Arkansas has called on Treasury Secretary Scott Bessent to review regulations that allow illegal immigrants to access U.S. banking services. In a letter sent on October 14, 2025, Cotton raised concerns about major financial institutions accepting foreign documents as primary identification for opening bank accounts without verifying immigration status.
“Access to the American banking system is a privilege that should be reserved for those who respect our laws and sovereignty. 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 wrote.
Cotton’s letter urges the Treasury Department to examine current rules, particularly those permitting the use of foreign-issued identification documents such as Matricula cards for banking access. He noted that this practice allows people who entered or remain in the country illegally to use the U.S. financial system.
The senator referenced the authority of the Department under statutes such as the USA PATRIOT Act and the Bank Secrecy Act, suggesting these laws could be used to restrict access for illegal immigrants. Cotton stated, “The Department possesses authority under several statutes to address this issue. I respectfully request that the Department explore whether the USA PATRIOT Act or the Bank Secrecy Act could appropriately be utilized to prevent illegal aliens from opening accounts at U.S. financial institutions.”
He also linked financial regulation to broader immigration policy goals, writing, “Our immigration laws exist to protect American workers, ensure national security, and maintain our sovereignty. Financial regulations should not undermine these objectives. I believe thoughtful reform in this area is aligned with President Trump’s promise to end illegal immigration.”
The full text of Cotton’s letter is available from his office.
