Senator Tom Cotton (R-AR) has introduced the Know Your American Customer Act, a bill designed to restrict illegal migrants from accessing the American banking system. The legislation mandates that U.S. financial institutions verify the legal status of new customers to ensure compliance with immigration laws. A statement from the Treasury to The National Pulse appears to be broadly supportive of the move.The bill would require banks and credit unions insured by the FDIC or NCUA to confirm that individuals opening new accounts are U.S. citizens, permanent residents, or legally present on a valid visa. Customers would need to present identification, such as a driver’s license or passport, along with proof of legal status.Existing customers would be grandfathered into the system, allowing them to maintain or open new accounts at their current institutions. However, it would become a federal crime for illegal migrants to open or maintain accounts at covered institutions under the proposed law.