In Senate floor remarks, Sen. Elizabeth Warren, ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, sought unanimous consent to pass legislation that would terminate World Liberty Trust Company’s federal banking charter. The Ending Presidential Corruption in Banking Act would also prohibit federal banking agencies from approving specified banking applications involving applicants owned or controlled by certain senior government officials. The Office of the Comptroller of the Currency granted World Liberty preliminary approval for a federal banking charter on Aug. 14. Warren said President Donald Trump and his family own 38.25% of the bank and argued that the ownership structure creates conflicts of interest, national security risks and anti-money laundering concerns. The bill would require the termination of covered charters or applications granted since Jan. 20, 2025, which Warren said would include World Liberty’s charter. Warren sought the vote before the Senate considers proceeding with the Clarity Act. She argued that the crypto legislation’s proposed ethics provisions would not restrict profits linked to World Liberty’s USD1 stablecoin or apply effectively to the bank.
2026-09-14U.S. Senate Committee on Banking, Housing and Urban Affairs
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member seeks passage of bill to terminate World Liberty Trust charter
Sen. Elizabeth Warren, the Senate Banking Committee’s ranking member, sought unanimous consent for legislation that would terminate World Liberty Trust Company’s federal banking charter. The bill would restrict banking approvals for applicants owned or controlled by certain senior government officials and unwind covered approvals granted since Jan. 20, 2025.