Donald Trump makes an executive decree for the “American bank account”

President Donald Trump signed a decree on Tuesday to revise how the federal government follows and manages billions of dollars in transactions.

Trump aims to improve how transactions are processed via the General Fund, which the White House describes as “the American bank account”.

Newsweek contacted the treasure to comment by e-mail.

Why it matters

Trump has reduced federal spending and “waste” a main priority for his second term, the Elon Musk (DOGE) efficiency department supervising major reductions and dismantling of federal agencies.

According to government estimates, between $ 233 billion and $ 521 billion are lost each year because of inappropriate fraud and payments – a problem that Trump hopes to solve with his last prescription.

President Donald Trump displays a decree after having signed it during a meeting with American ambassadors in the room of the White House cabinet in Washington, DC, on March 25, 2025. President Donald Trump displays a decree after having signed it during a meeting with the American ambassadors in the hall of the White House cabinet in Washington, DC, on March 25, 2025. / Getty Images What to Know to Know to Know to Know to Know, 2025. Mandel Ngan / AFP / Getty Images

The general fund works essentially as a controller of control for the American government. He deals with government's cash activity – including deposits, tax collections and withdrawals – which finance federal operations.

During the year 2024, the General Fund declared 33.9 billions of dollars in cash entries and 33.6 billions of dollars outings, according to government figures.

Trump's latest decree, entitled “Protect the American bank account against fraud, waste and abuse”, aims to give the more powerful and control Treasury department to ensure that these transactions are properly recorded and managed.

The order indicates that the measures are necessary because the Treasury requires financial information from the executive departments and agencies “beyond what they currently provide” in order to prevent fraud.

Under the plan, the treasure will obtain greater authority to monitor and detect payments for fraud and inappropriate disbursement before the release of funds.

All executive agencies must provide more detailed financial data to the Treasury to ensure the “traceability” of each transaction.

Agencies that currently pay funds independently – known by the name of disbursement of disbursements not of the Treasury (NTDOS) – will have this function returned to the Treasury to provide centralized surveillance and reduce double financial reports.

During the year 2024, the NTDOs were estimated at 181 million payments totaling more than 1.5 Billion of dollars, representing 22% of all federal disbursements, according to the decree.

Trump has signed another decree to modernize how the government manages money, going from “old -fashioned paper payments to fast and secure electronic payments”.

Trump said that the use of paper payments to and since the general fund imposes “costs, delays and unnecessary risk of fraud, lost payments, theft and ineffectiveness”.

The government has said that maintaining infrastructure and technology to scan paper files costs taxpayers more than $ 657 million during the year 2024.

Addressing journalists at the signing of the order, Trump said that switching to electronic payments for all disbursements and federal receipts should have taken place “25, 30 years ago”.

What people say

President Donald Trump on “protection of the American bank account against fraud, waste and abuse”: “The Ministry of the Treasury is the largest financial payment manager of the federal government and is responsible for the safeguard of the general fund, but lack of sufficient controls to follow the transactions which flow the general fund to determine if they were appropriate. provide.

“Financial fraud threatens the integrity of federal programs and undermines confidence in the government. The past underinvestment of agencies in technology and long-standing challenges with access to specific data have prevented them from further protecting taxpayers from fraud and inappropriate payments.”

The secretary of the Treasury Scott Bessent, publishing on X, formerly Twitter: “Thank you, Trump, for this crucial order to help us eliminate fraud, waste and abuses in the Treasury Department. We are steam in front of the Treasury.”

Trump, addressing journalists while signing the “modernization payments to and since the order of the American bank account”: “It is essentially the modernization of equipment and methods. We could leave someone else – who is the following, who may be – but it is something that should have been done 25 years ago 25 years ago.”

What happens next

A calendar for executive agencies to ensure greater transparency in the Treasury concerning financial projections has not yet been published.

The treasure will cease to issue paper checks for all federal disbursements from September 30.

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