US banks wary of being Trump's immigration enforcer

[pnwmom]

Source: The Hill


The financial industry is making clear it wants no part of Donald Trump’s plan to force Mexico to pay for a border wall.

The GOP nominee says he would convince Mexico to cover the multibillion-dollar cost of his wall by barring Mexicans who are working in the U.S. illegally from sending money back home.

But banks and other financial companies say they do not want to get involved on the front lines in a contentious immigration battle, arguing there are questions about how effectively such a policy could be implemented.

“It should not be for the banking system to be the police or the immigration task force,” said one banking lobbyist. “I don’t think it should be left to banks to report that someone has come in to remit money to whatever country, and it may or may not be legal. That’s not our role.”




Read more: http://origin-nyi.thehill.com/policy/finance/294357-us-banks-wary-of-being-trumps-immigration-enforcer

[lapfog_1]

1. I foresee a number of multinational corporations

being set up to "illegally" move money from the US to other locations (Europe then Mexico or Asia then Mexico).

This would be so easy to circumvent the barriers that Trump might want to set up to stop such transfers...

[cstanleytech]

3. Not to mention Canada and frankly on this one the banking industry is right to want

to stay out of it.

[cstanleytech]

2. Whenever I hear some idiot advocating for a wall on the southern border because

"them there illegals are taking our jobs!!" I shake my head in wonder because the cost of building and maintaining such a large wall far exceeds the cost of any delusional job loss.

[lapfog_1]

4. Most of those jobs are ones that don't pay minimum wage

and are hard back breaking seasonal employment.

What do we really want to pay for strawberries and lettuce?

Farmers (and farm corporations) would have to pay over minimum wage to get people to do those jobs and even then they wouldn't find a lot of takers.

[cstanleytech]

11. Yes, I am aware that most of the jobs are actually low paying ones

with zero benefits for them since they are paid under the table illegally.

[safeinOhio]

5. There is no need for a wall

Just lock up and fine the owners, persons, CEOs and Board of directors that hire any one that is not suppose to be here. Like $10K and one year in federal prison per every undocumented worker.

Problem solved.

[Demobrat]

6. Yep. Hold employers accountable.

Everybody from the working couple with the illegal nanny to the restaurant owner with five illegal dishwashers to the building contractor putting up hotels. No excuses. No passing the buck. Done.

[jmowreader]

9. I think you forgot something

The model management company owner who brought "girls" into the country illegally and put them up in an open-bay barracks in New York.

[Demobrat]

7. Banks make a ton of money off of those remittances.

Like a cut of every penny they send overseas.

[truthisfreedom]

8. Hahahahahahahahahaaaaaaaaaaa.

The dumpster expects cooperation from US banks after the billions he's screwed them out of?

[olddad56]

10. if it even looks like Trump has a remote chance of winning by the end of this month..

I'm out of the stock and bond markets until the dust settles.