House Democrats press Treasury on World Liberty bank charter and UAE stake

House Democrats are pressing Treasury Secretary Scott Bessent over World Liberty Financial’s push for a national trust bank charter, citing systemic risk.

Democrats in the US House of Representatives are pressing Treasury Secretary Scott Bessent over how regulators are handling World Liberty Financial’s bid for a national trust bank charter to issue a dollar-backed token.

In a letter on Thursday, 41 House Financial Services Committee Democrats led by Representative Gregory Meeks cited systemic risk, foreign ownership and potential political pressure on the bank chartering process. 

They asked Bessent to explain what safeguards exist to prevent foreign government officials or politically connected investors from using the charter process to gain leverage over the US financial system.

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