Modernizing the banking system is a key goal for the Trump Administration. In March 2025, President Trump signed an executive order that requires all federal payments and receipts to be electronic. This move is part of a broader effort to shift towards a fully digital payment system. Later, on August 7, he signed the “Fair Banking” executive order, which aims to prevent financial institutions from denying services based on political or religious beliefs. This order is designed to ensure that all Americans have fair access to banking services.
In a related development, Senators Tim Scott from South Carolina and John Kennedy from Louisiana have introduced a bill to update financial reporting regulations that have not changed in decades. The current thresholds for reporting currency transactions and suspicious activities were set in 1970 and remain at $10,000. Given inflation, that amount would be equivalent to about $85,700 today. The bill proposes to raise these thresholds, which would help reduce the amount of paperwork for banks and the Treasury Department, which oversees these reports.
Senator Lummis from Wyoming emphasized that outdated reporting rules create unnecessary burdens for banks and hurt small businesses and regular Americans. Senator Kennedy echoed this sentiment, stating that the financial reporting requirements from the 1970s no longer fit today’s economy. If the bill passes, the Treasury Department would be able to adjust reporting thresholds for inflation every five years.
However, the bill does not tackle one of President Trump’s main concerns: the lack of explanations given to customers when their bank accounts are closed. In 2025, the Trump organization sued Capital One, claiming the bank closed numerous accounts without proper notice. Eric Trump shared his frustration over this in his book, "Under Siege," recounting how he received a brief notice stating that their accounts were closed without any explanation.
These developments reflect ongoing efforts to modernize the banking system while addressing fairness and transparency in financial services.
