TRUMP’S EXECUTIVE ORDER SERIES: Modernizing Payments to and from America’s Bank Accounts

By Rita Cook
Correspondent
Texas Metro News

Is this the beginning of digital currency and the end of your financial freedom?

Washington D.C. – President Trump has been using his power of the pen to sign a variety of Executive Orders that have a broad range and a long reach.

On March 25 he signed EO 14247 to modernize payments to and from America’s bank accounts.

While most of his orders have on the surface seemed to follow what his voters said they wanted when they put him in office, this one raises a red flag because it reeks of the World Economic Forum rhetoric that is not a win for the American people. This Executive Order is what I see could be the beginning of a Central Bank Digital Currency.

And indeed, it specifically reads it is NOT the beginning of such a thing, however, I urge you to pay attention as the financial world gets ever more complicated.

After all, we have seen over the years, circumstances change and usually not in favor of the American people when the government gets involved.

One example is how our rights were taken away under the guise of 911, and we are still taking our shoes off and putting three-ounce bottles through the machine at
the airport (and that is just one example).

This EO to modernize payments to and from America’s bank accounts is a call for the end to paper- based payments by Federal Government.

At a glance, it seems harmless “The continued use of paper-based payments by the Federal Government, including checks and money orders, flowing into and out of the United States General Fund, which might be thought of as America’s bank account, imposes unnecessary costs; delays; and risks of fraud, lost payments, theft, and inefficiencies.

Mail theft complaints have increased substantially since the COVID-19 pandemic. Historically, Department of the Treasury checks are 16 times more likely to be reported lost or stolen, returned undeliverable, or altered than an electronic funds transfer (EFT). Maintaining the physical infrastructure and specialized technology for digitizing paper records cost the American taxpayer over $657 million in Fiscal Year 2024 alone.”

The order is therefore mandating the transition to electronic payments for all Federal disbursements and receipts by digitizing payments to the extent permissible under applicable law (but not, for avoidance of doubt, to establish a Central Bank Digital Currency).

The EO becomes effective September 30, 2025, when the Secretary of the Treasury will stop issuing paper checks for all Federal disbursements inclusive of intragovernmental payments, benefits payments, vendor payments, and tax refunds, except in specified cases.

At that time executive departments and agencies will transition to EFT methods, including direct deposit, prepaid card accounts, and other digital payment options, and take all steps necessary to enroll recipients in EFT payments.

It has been noted this could create problems for “employers who currently rely on checks or money orders for tax-equalization processes, including receiving refund checks and making tax payments on the assignees’ behalf.  The government’s shift to digital payments will likely require companies with global mobility programs to change their procedures, especially concerning the receipt of refunds and tax payments.”

A company KPMG also noted “The digitization of the government’s disbursements and receipts will have broader implications that employers will need to consider.  

The Internal Revenue Service (IRS) generally limits the number of direct deposits into a single financial account per year to combat fraud and identity theft. This may present significant challenges for employers who are currently receiving refunds on their employees’ behalf, necessitating alternative arrangements.  

As a result, refunds would have to be deposited into the employees’ financial accounts and then repaid to the employer.  This would present a challenge for foreign nationals who will be required to maintain a U.S. bank account after leaving the United States because the IRS does not allow a direct deposit of a refund into a foreign bank account. 

 On the other hand, companies may face an increased collection risk where refunds are first received by the employee.  This may require enhanced tracking and year-end reconciliation efforts to reduce potential refunds and mitigate potential collection risks”

Briefly, so you know the difference down the road let us look at what some people get confused “Digital Currency vs. Cryptocurrency.”

This order and the idea of a Central Bank Digital Currency has nothing to do with cryptocurrency so remove that idea from your mind.

In fact, at some point crypto might be the way to go if you want to remain anonymous.

From https://www.financestrategists.com/wealth-management/cryptocurrency/digital-currency-vs-cryptocurrency/ digital currency is defined as all forms of money that is being used in digital format. The touting of this form of money exchange is that life will be easier for online transactions by getting rid of physical cash. This type of currency can also be centralized (like e-money issued by banks) or decentralized.

Cryptocurrency on the other hand is a “subset of digital currency, introduces a revolutionary framework, utilizing cryptographic principles for transaction security and typically operates on a decentralized system called a blockchain.”

All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.

Most digital currencies operate under a centralized system governed by a specific entity or organization. This centralization often leads to streamlined processes and controlled monetary policies (as noted in the EO’s intention), until it doesn’t.

For example, digital currency works within the confines of existing regulatory frameworks and on the surface is the traditional financial models minus the paper and coin. However, keep in mind, it is the governments and financial institutions that have control over the digital currency, the consumer does not, so where does that leave you?
If you are only allowed digital currency than you can be sure the government or whatever entity is in charge of your money knows exactly how much you have (no more cash under your bed or in a lockbox for a rainy day). That rainy day, which over time we have seen is caused by the government anyway, well, the government will tell you just how much money you are allowed on a rainy day or any day for that matter. 

And if the EFT does not arrive at your bank account, then you don’t have any money.

In the world of digital currency, you can also forget about being anonymous or having any form of privacy as relating to your finances since “Centralized digital currencies may entail the collection and storage of user data, making transactions traceable. This could be advantageous for authorities monitoring financial activities but raises privacy concerns for users.”

Okay, so we aren’t there and hopefully never will be, but the idea of being forced to no longer receive a paper check if that is what you want does not sit well with me.

Think about the digital currency stories we hear from China. Digital currency = social credit score. 

And that social credit score and access to digital currency overtime could become a cageless prison where you either do what you are told like a good sheep or your money and ability to survive is turned off or on like a faucet as deemed by how the government deems your behavior.

Rita Cook is a world traveler and writer/editor who specializes in writing on travel, auto, crime and politics. A correspondent for Texas Metro News, she has published 11 books and has also produced low-budget films.