The ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, Elizabeth Warren, and nine other senators announced plans to introduce legislation barring the president, vice president and their immediate families from owning or controlling a bank. The proposal follows the Office of the Comptroller of the Currency’s approval of a national bank charter for World Liberty Financial, which the release identifies as a Trump family crypto company. The bill would prohibit the Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation from approving charters, deposit insurance, master accounts and other banking applications for entities owned or controlled by covered officials. These would include the president, vice president, their spouses and children, members of Congress, presidentially appointed executive branch officials and special government employees. Within 60 days of enactment, the agencies would also have to review relevant approvals granted after Jan. 20, 2025, and terminate those issued while a covered person owned or controlled the applicant.
2026-08-15U.S. Senate Committee on Banking, Housing and Urban Affairs
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member proposes restrictions on bank ownership by senior officials and their families
Senate Banking Committee ranking member Elizabeth Warren and nine other senators plan legislation restricting bank ownership and control by senior government officials and their families. The bill would block related regulatory approvals and require agencies to review and terminate affected approvals granted after Jan. 20, 2025.