Warren Targets Trump's Crypto Business with Legislation
Democratic lawmakers led by Sen. Elizabeth Warren have introduced legislation targeting potential conflicts of interest between public office and private banking.
The bill, called the Ending Presidential Corruption in Banking Act, would restrict the Federal Reserve, OCC, and FDIC from approving certain banking applications involving presidents, vice presidents, members of Congress, specified executive officials, and their immediate family members.
Warren argued that the move creates an unprecedented conflict of interest, while World Liberty Financial says the proposed bank would operate under permanent federal oversight.
The legislation targets bank ownership and control, prohibiting a president, vice president, or either official's spouse or children from owning or controlling a bank.