Senator Ruben Gallego (D-AZ) has introduced a bill preventing senior government officials, including the President, Vice President, and their immediate families, from owning or controlling banks.
The Context
In February 2025, President Donald Trump issued Executive Order 14215, asserting control over the Office of the Comptroller of the Currency (OCC). The OCC is responsible for chartering and overseeing America's banks.
In January 2026, World Liberty Financial, a Trump-owned cryptocurrency company, applied for a national bank charter.
The concern is that a bank owned by the President or his family members could enable corruption.
What the Bill Does
Not only does the Ending Presidential Corruption in Banking Act ban the Federal Reserve Board, OCC, and Federal Deposit Insurance Corporation from approving a national bank charter application from the President, Vice President, their families, appointees, or members of Congress, but the agencies must review and turn over all applications since January 20th, 2025 that were filed by these persons.
What Lawmakers are Saying
"Trump has proven time and time again his desire to enrich himself while serving as President of the United States," said Sen. Gallego in a press release. "At a time when costs continue to rise and families must make tough financial decisions, this president looks out for himself, not working Americans. This bill makes clear no public officials, including the president, nor their families, should be able to enrich themselves by owning and controlling banks."
Senator Elizabeth Warren (D-MA), one of the bill's cosponsors, said, "President Trump is now the first President in history to approve, operate, and supervise his own bank. This is the most brazen act of self-dealing our financial system has ever seen — and Congress cannot allow it to stand. The Ending Presidential Corruption in Banking Act will close the door on this kind of unprecedented corruption."
Previous Bills
Last week, Sen. Gallego backed the No Preferential Release of Federal Information for Transactions (NO PROFIT) Act, which bans officials from creating subscription-based social media accounts.
