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- House Democrats question OCC review of World Liberty Financial’s charter.
- Concerns include foreign ownership, national security, and political influence.
- Regulators face scrutiny over transparency and independence in bank approvals.
House Democrats raised concerns over World Liberty Financial’s application for a national trust bank charter. In a letter to Treasury Secretary Scott Bessent and the Office of the Comptroller of the Currency (OCC), lawmakers cited risks tied to foreign ownership and political influence.
They requested clarity on the Office of the Comptroller of the Currency’s (OCC) review process and the roles of the White House and Treasury in charter approvals. World Liberty Financial wants a national trust bank charter to issue a dollar-backed token, manage reserve funds, and provide digital-asset custody and exchange services. Experts warn that new digital-asset trust structures, without proven liquidity or resolution frameworks, can increase systemic risk if approved too quickly.
OCC Faces Questions Over Foreign Investment Rules
Investigations indicate a senior United Arab Emirates royal acquired nearly half of World Liberty Financial for about $500 million, with roughly $187 million reportedly flowing to Trump-affiliated entities.
The same foreign actors were seeking access to advanced U.S. AI technologies and building influence with the incoming administration. This combination of financial and political factors heightens regulatory concerns and national security risks.
Officials faced questions on February 4, 2026, about how the OCC reviews charters linked to foreign or politically connected investors. Lawmakers said responses were vague and lacked specificity. Section 112 of the Dodd-Frank Act requires the Financial Stability Oversight Council to report on threats to U.S. financial stability.
Lawmakers Stress Risks of Foreign Influence in Banking
Lawmakers emphasize that this law matters most when foreign ownership intersects with sensitive financial operations. Transparency and independence in regulatory decisions are critical to maintain public confidence.
The House letter asks for explanations by February 26, 2026. Lawmakers want to know how the OCC ensures that foreign officials and sovereign proxies. Or political investors cannot use charter approvals to gain leverage over the U.S. financial system or access sensitive technology.
They also seek clarity on the White House and Treasury’s roles in reviewing or influencing these decisions. The credibility of America’s banking system depends on independence and adherence to law.
Regulatory decisions must prioritize prudential judgment over political convenience. World Liberty Financial’s charter application has become a focal point for broader debates about digital banking, foreign influence, and the integrity of U.S. financial oversight.
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