Opposition to S4206– Protecting Financial Privacy and Opposing Federal Overreach

I am writing as a concerned constituent to express my firm opposition to S. 4206, the "Know Your American Customer Act," and any related executive actions that would require financial institutions to verify the citizenship status of account holders. While proponents claim this is a security measure, it is actually a massive expansion of Big Government that threatens our economy and violates the principle of financial privacy. Please consider the following: - Undermining Global Financial Dominance: This bill effectively enforces financial isolationism by signaling to our closest allies—from French investors to British students—that their capital is no longer welcome in the U.S. By making it illegal for documented foreign nationals to maintain accounts once a visa expires, we are forcing hundreds of thousands of legal residents to drain their U.S. holdings and move their wealth to foreign competitors in Europe and Asia. We should not be the only major world power that actively sabotages its own banking sector by turning away legal global capital. - The "Passport Gap" for U.S. Citizens: Over 50% of Americans do not own a passport. Forcing banks to verify citizenship status puts an undue burden on millions of natural-born citizens—particularly the elderly and low-income voters—who may not have immediate access to certified birth certificates, effectively locking them out of the modern economy. - Risk of Massive Capital Flight: This bill would drive billions of dollars in foreign investment out of U.S. banks and into offshore accounts. If legal residents, international students, and global investors feel their financial privacy is compromised, they will move their capital to more stable jurisdictions, weakening our domestic lending and mortgage markets. - A Burden on Private Business: This is a massive federal mandate on private banks and credit unions. It forces them to navigate complex legal documentation at their own expense, turning a local bank teller into a de facto border agent and increasing costs for all consumers. The last thing Americans need right now is yet another cost increase. I urge you to vote NO on S. 4206 and instead support the Financial Privacy Act, which protects our banking system from being weaponized for federal surveillance. Our financial institutions should be focused on economic growth and serving their customers, not executing federal mandates that drive investment out of our country. I, along with many others in our district, will be closely monitoring your position on this issue.