Make it a federal crime for anyone in the country illegally to open or maintain an account at a covered institution. That legal liability falls entirely on the individual, provided that covered institutions make a good faith effort to verify documentation and comply with the new requirements.
Make it a federal crime for anyone in the country illegally to open or maintain a bank or credit union account at a covered institution.
Occurrences
However, it would become a federal crime for illegal migrants to open or maintain accounts at covered institutions under the proposed law.
According to Cotton’s March 25 press release, the bill would make it a federal crime for a person in the country illegally to open or maintain an account at a covered institution, provided the institution made a “good faith effort” to verify documentation and comply with the law.
Evidence
Senator Tom Cotton introduced the Know Your American Customer Act, which aims to ban illegal migrants from accessing the American banking system. The bill requires U.S. financial institutions to verify the legal status of new customers and makes it a federal crime for illegal aliens to open or maintain an account at a covered institution.
The U.S. Treasury Department has signaled support for Senator Tom Cotton's Know Your American Customer Act, indicating alignment with the administration's broader efforts to tighten immigration enforcement.
Assessments
Senator Tom Cotton introduced the Know Your American Customer Act, which directly aimed to fulfill the promise by making it a federal crime for undocumented immigrants to open or maintain a bank or credit union account. Multiple sources confirm the bill's introduction and formal support from the Treasury Department, indicating serious legislative effort. However, there is no evidence that the bill was enacted into law or that the promised outcome was delivered. Thus, while serious effort was made in the same term, the promise was never delivered.
Senator Tom Cotton introduced legislation to make it a federal crime for individuals in the U.S. illegally to open or maintain bank accounts, and there is evidence of meaningful legislative effort, including support from the Treasury Department. However, there is no evidence that this legislation was enacted into law or that the promised outcome was delivered. Therefore, the promise was never fulfilled, but significant effort was made.