Democrats introduce bill to bar Trump family from bank ownership after OCC approval
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Senate Democrats have introduced legislation to prohibit the president, vice president and their families from owning or controlling banks, following the OCC's conditional approval of a Trump-linked crypto firm to obtain a banking charter.
The Office of the Comptroller of the Currency granted conditional approval for World Liberty Trust Co., a cryptocurrency venture founded by two of President Trump’s sons and the sons of a former Trump administration envoy, to become a federally chartered trust bank. The charter would allow the firm to issue and manage digital assets, though it would not take deposits or make loans like a traditional bank.
In response, Senator Elizabeth Warren and nine other Senate Democrats introduced the "Ending Presidential Corruption in Banking Act," which would bar the president, vice president, their immediate families and senior officials from owning or controlling banks. The legislation was announced a day after the OCC’s decision.
"This is the most brazen act of self-dealing our financial system has ever seen — and Congress cannot allow it to stand," Warren said.
"Injecting risk into our financial system and fueling the Trump family’s business endeavors," Senator Angela Alsobrooks added.
The White House maintains that there are no conflicts of interest, with spokesperson Anna Kelly stating that the president’s investments are held in discretionary accounts managed by independent third parties and that he acts in the public interest.
World Liberty Financial’s spokesperson David Wachsman defended the OCC approval, describing it as beneficial for consumer and investor protection and emphasizing that the firm will be subject to ongoing regulatory oversight, including weekly operational reports and compliance with anti-money-laundering and consumer protection laws.