Gallego, Colleagues Set to Introduce Legislation Following Approval of Trump Crypto Company Bank Application

WASHINGTON – U.S. Senator Ruben Gallego (D-AZ) , Member of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren (D-MA) , and eight senators will introduce the Ending Presidential Corruption in Banking Act following the Office of the Comptroller of the Currency’s (OCC) approval of the Trump crypto company bank charter. 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. Along with Gallego and Warren, Senators Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), Chris Murphy (D-CT), Bernie Sanders (I-VT), Richard Blumenthal (D-CT), Jack Reed (D-RI), Andy Kim (D-NJ), and Tammy Duckworth (D-IL) signed the bill. “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. “President Trump is now the first President in history to approve, operate, and supervise his own bank,” said Senator 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.” 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. In February, Senator Gallego grilled Comptroller of the Currency Jonathan Gould on how the OCC vets bank charter applicants, including Trump family venture World Liberty Financial. Click here to read the full bill.