Stephen Miller discusses Trump administration's policy on banking for illegal immigrants

Stephen Miller, deputy chief of staff at the White House, stated on July 18 that the Trump administration is implementing measures to limit banking access for illegal immigrants as a strategy to encourage self-deportation. During an interview on The Clay Travis & Buck Sexton show, Miller mentioned that President Trump signed an executive order aimed at preventing illegal immigrants from utilizing banking services. He noted that illegal immigrants currently have access to credit cards and bank accounts, which allows them to engage in the financial system. The executive order, signed on May 19, directed banks and federal regulators to scrutinize accounts and credit applications involving individuals without legal status. While the order does not explicitly instruct banks to deny services, it may complicate their ability to access the financial system. Federal agencies have started to act on this directive, with the Consumer Financial Protection Bureau issuing guidance on assessing applicants' immigration status and work authorization. Additionally, guidance from three federal agencies was issued on July 13, reminding financial institutions to apply credit risk management practices when lending to individuals not authorized to work in the U.S.