Following Approval of Trump Crypto Company Bank Application, Warren and Colleagues to Introduce the Ending Presidential Corruption in Banking Act

Following Approval of Trump Crypto Company Bank Application, Warren and Colleagues to Introduce the Ending Presidential Corruption in Banking Act

Warren: "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."

Bill Text (PDF)

Washington, D.C. - Immediately following the Office of the Comptroller of the Currency's (OCC) approval of the Trump crypto company bank charter, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, along with Senators Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), Chris Murphy (D-Conn.), Bernie Sanders (I-VT), Richard Blumenthal (D-Conn.), Jack Reed (D-RI), Andy Kim (D-NJ), Tammy Duckworth (D-Ill.), and Ruben Gallego (D-AZ) will introduce the Ending Presidential Corruption in Banking Act. The bill would ensure that no President, Vice President, their immediate families, or other senior government officials can exploit their positions to own or control a bank, which could serve as a major vehicle for corrupt dealings.

On January 5, 2026, the Trump Family crypto company World Liberty Financial (WLF) applied to the OCC for a national bank charter. President Trump, through EO 14215, had previously asserted control of the OCC.

"President Trump is now the first President in history to approve, operate, and supervise his own bank," said Ranking Member Warren. "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."

"Our banking regulators should work to protect consumers and the integrity of our financial system, not enrich their bosses. President Trump and his family have raked in billions of dollars through corrupt deals and are now attempting to get the President's own administration to approve a bank for his family's crypto business. It is critical that Congress stand up against this corruption and protect consumers, safeguard our financial system, and prevent politicians from abusing these assets for their own personal gain," said Senator Van Hollen.

"This President's corruption knows no bounds. For the first time in our history, a President is now chartering and overseeing his own bank-injecting risk into our financial system and fueling the Trump family's business endeavors. It is Congress' responsibility and duty now to rein in this corruption and ensure that bank charters, deposit insurance, and other banking licenses cannot be handed out to entities influenced or controlled by any President's family," said Senator Alsobrooks.

"President Trump has systematically weakened oversight of the crypto industry while his family has raked in billions through their numerous crypto schemes," said Senator Blumenthal. "Now, Trump's hand-picked regulators at the Treasury Department have granted World Liberty Financial a banking charter. This latest act of self-dealing puts our banking system in danger by legitimizing a company that has proven to be unscrupulous. Our measure would strengthen the integrity of our banking system by barring Presidents, their families, and other trusted government officials from controlling their own banks while in office."

"While the President and his family accumulate billions of dollars through dubious deals, normal hardworking Americans are struggling just to get by," said Senator Reed. "The Trump family appears to be gaming the system to enrich itself at the expense of ordinary taxpayers in ways that could imperil the integrity and soundness of America's banking system. This bill would clamp down on corruption and restore much needed guardrails."

"Trump will stop at nothing to use the presidency to enrich himself and those around him. We can't restore trust in our democracy until we stop these abuses of power. This bill is an important step to building the kind of accountability the American people demand and deserve," said Senator Kim.

"Trump has proven time and time again his desire to enrich himself while serving as President of the United States. 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," said Senator Gallego.

The Ending Presidential Corruption in Banking Act would:

• Prohibit the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation from approving a range of banking applications, including charters, deposit insurance, and master accounts if the applicant is owned or controlled by the President, Vice President, a spouse or child of the President or Vice President, a Member of Congress, a presidentially appointed executive branch official, or a special government employee.
• Require the agencies, no later than 60 days after enactment, to review all banking applications granted after January 20, 2025, and terminate those that were approved while a covered person owned or controlled the applicant.
• Prohibit the President, Vice President, and a child or spouse of the President or Vice President from owning or controlling a bank.

Ranking Member Warren has been sounding the alarm on the need for Congress to address these conflicts of interest when the GENIUS Act passed into law in July 2025 and continues to urge her colleagues to address these conflicts in crypto market structure legislation:

• Last July, Ranking Member Warren warned Comptroller Gould about this exact scenario and asked how the agency would prevent President Trump's financial interests from influencing regulatory decisions.
• In January, when news broke that Warren's concerns were no longer hypothetical, she sent a letter pressing the agency to delay its review of the bank charter.
• In February, at an oversight hearing for the banking regulators, Gould told Warren that he would "entertain" her request to review the unredacted bank charter application. She sent a follow-up letter after the hearing requesting documents and communications related to the bank charter application, but he refused her request.

###

• Print
• Email
• Tweet