The Trump administration is targeting businesses, including banks, with anti-money laundering rules aimed at keeping people safe and staving off criminal activity, a new report suggests.
The move comes amid a wave of anti-Trump sentiment that began after the election and has continued unabated into the new administration, with some business owners and analysts saying they’re worried about the Trump regime’s anti-free speech agenda.
“If the Trump Administration has a plan to silence dissent or shut down speech, the American people should demand that they include us in that effort,” said Adam Fauci, CEO of the Federal Reserve Bank of New York.
“The Trump Administration is targeting the banking industry with new anti-monopoly and anti-trust laws that will put the brakes on free speech and innovation.”
The new guidelines target banks, credit unions, health insurers and other businesses that do business with individuals who are subject to the US Foreign Corrupt Practices Act (FCPA).
Faucti said the regulations will target businesses with foreign customers, who are the “most vulnerable to corruption” and “are likely to be the largest contributors to US foreign financial institutions and individuals.”
“The FCPA does not apply to banks, and therefore is not an issue for the banks,” Fauce said.
“But it is an issue because it applies to financial institutions that are subject under the FCPA to foreign governments, such as Saudi Arabia, the United Arab Emirates, and Qatar.”
Trump has also proposed to revamp US tax code to eliminate the estate tax, which has been a sticking point for many Americans, especially those living overseas, who have struggled to pay their fair share of taxes.
The FCAPA is part of a broader anti-corruption push, which Trump and his aides have repeatedly claimed will result in greater economic growth and a more efficient tax code.
Fauces analysis said that would require a sharp reduction in corporate tax rates, and that that could be done only through aggressive government regulation.
“The proposed reforms would require aggressive, new regulatory action by Congress and the president, and we believe it will be the most aggressive of any reforms to the federal tax code since the 2008 economic recovery,” Faugus said.
Fauces comments come after a White House official said last week that the administration plans to enact new financial regulations, and is targeting certain business owners with new restrictions.
“We’re going to be targeting companies that have money to operate in foreign countries, businesses that operate in countries with a large number of illegal immigrants,” White House spokesman Michael Short said.
“We are going to target those businesses and they’re going a little bit harder to identify, and they’ll be going to court to try to keep them out,” Short said, adding that the new regulations will be enacted through the US Taxpayer Relief Act (TPA), which was passed by Congress earlier this year.
“They’re going after companies that don’t operate in the US.
And they’re doing that through the TPA, through the new anti-[FCPA] law, through all the other parts of the law, which we will continue to enforce through the courts.”
The White House and Trump’s administration have said the measures are aimed at addressing “financial crimes and illegal activity” and are designed to protect the US economy from financial losses.
Trump has repeatedly suggested that the FCA could be used to silence people.
According to a Reuters report from January, the Trump White House has suggested that financial crimes could be targeted under the anti-fraud provisions of the FCAPAs new regulations.
Critics have said that the anti, anti-competitive measures would make it harder for businesses to hire and retain employees.