A bill to amend title 31, United States Code, to require certain financial institutions to verify the citizenship and legal status of individuals, and for other purposes.

S. 4206 would amend federal law to require certain financial institutions to verify that individuals are U.S. citizens or have legal status before conducting business with them. The bill, introduced by Senator Tom Cotton in March 2026, is currently in the committee review process and has not yet been voted on by the full Senate.

If enacted, this legislation would likely affect how banks and other financial institutions conduct customer verification procedures. Citizens and legal residents would need to provide documentation proving their citizenship or legal immigration status when opening accounts or conducting certain financial transactions. The practical impact would depend on the specific requirements and which types of financial institutions are covered by the final version of the bill.

As this bill remains in committee consideration, its current form may change through the amendment process before any full chamber vote occurs.