Anonymous 36
Anonymous AnonymousOpposeIndividual
Summary: The commenter opposes the proposed action, arguing that it provides insufficient structural protection against foreign ownership and lack of transparency in banking. They call for stricter requirements, including public disclosure of owners, removal of confidential business plans from applications, and mandatory records for freezing funds.
Routing enforcement through Bessent's Treasury will simply function as structural protection for a bank with a foreign co-owner.
The same OCC leadership reviewing this application also decided the proposed, soft rulebook to police it, with no additional requirements of its own. We need a much stronger version of control -- without which we have the potential for an uninsured national trust bank, tied to sitting officials, nearly half-owned by a foreign-linked firm. For example, the UAE paid 500 million dollars for a 49% stake in World Liberty Financial.
What is needed:
* To enforce any rules, the OCC must require any uninsured coin company to publicly disclose the human beings who own it, as well as any and all foreign investors, and who will keep the reserve interest.
* The public version of applications must not have confidential information, such as a Confidential Business Plan that prevents knowing the human(s) that own the company behind the bank.
* The OCC must also require a written record, including numbers, whenever the switch is used that lets the company freeze anyone's money.