Ending Presidential Corruption in Banking Act

Section 3(a) stops federal regulators from approving banking applications for national bank charters, master accounts, federal deposit insurance, or other banking licenses if a covered person—like the President, Vice President, Member of Congress, or high-ranking appointed officials—owns more than 10 percent of the bank, is a senior executive, or controls it. This is a positive because it helps keep our elected and appointed officials honest and prevents them from using their power for personal financial gain in the banking sector.

Section 3(b) requires federal agencies to review and terminate the charters, licenses, master accounts, and deposit insurance of banks that received approval after January 20, 2025, while a covered person had a controlling stake or leadership role. This ensures accountability by undoing recent approvals that may have involved conflicts of interest.

Section 4 makes it unlawful for the President, Vice President, or their spouses and children to own more than 10 percent of a bank, serve as a senior executive, or control a bank, and gives them 30 days after inauguration to comply or face the termination of the bank's operational approvals. This protects the public by ensuring our highest executive leaders cannot mix their political power with the ownership or control of banks.

Section 3(b) orders federal agencies to terminate the charters, licenses, master accounts, and deposit insurance of certain banks approved after January 20, 2025, within 60 days of the Act's enactment. This could negatively impact everyday customers, employees, and innocent shareholders of those specific banks who rely on the institution for their daily finances and jobs, as the sudden termination could disrupt or shut down the bank's operations.

Section 4(b) requires federal agencies to immediately terminate a bank's charter, license, master account, or deposit insurance if the President, Vice President, or their spouse or child fails to come into compliance within 30 days of the inauguration. Just like above, this puts ordinary bank workers and everyday customers at risk of losing their banking services and jobs through no fault of their own if political figures fail to drop their financial ties on time.