House Democrats are pressing Treasury Secretary Scott Bessent on the handling of World Liberty Financial’s bid for a national trust bank charter. The lawmakers cite concerns over systemic risk, foreign ownership, and potential political influence on the chartering process.
Key figures, including Representative Gregory Meeks, are questioning safeguards against foreign government officials or connected investors leveraging the charter to influence the U.S. financial system. This scrutiny follows reports of a senior United Arab Emirates royal acquiring nearly half of World Liberty Financial for approximately $500 million, with a significant portion reportedly directed towards Trump-affiliated entities.
The Democrats argue that the combination of digital asset structures, liquidity concerns, and foreign political interests raises critical questions for regulators. They are also investigating the potential impact of executive orders that may increase White House oversight on regulatory autonomy.
The letter requests details on the roles of the White House, OMB, and Treasury in the Office of the Comptroller of the Currency's charter decisions, with a response due by February 26th.