President Donald Trump announced that he has signed an executive order directing the Treasury Department to restrict illegal immigrants’ access to parts of the U.S. banking and financial system.

In a post on Truth Social, Trump said the order is designed to prevent banks, credit card companies, and other financial institutions from being used to facilitate illegal immigration, human smuggling, drug trafficking, and cartel-related activity. He argued that illegal immigrants and foreign fraudsters cost American taxpayers billions of dollars each year.

Trump also said the order would target bank accounts allegedly used to hold fraudulently obtained welfare benefits, with funds potentially frozen or seized and returned to taxpayers.

The president criticized policies that allow undocumented immigrants to open bank accounts using state-issued driver’s licenses or documents issued under the Biden administration, calling the practice a security risk.

The executive order also aims to reduce remittances sent abroad that Trump said are linked to illegal activity.

Trump tied the announcement to his administration’s broader immigration enforcement efforts, saying opposition to Immigration and Customs Enforcement operations would not deter his policies. He described the financial restrictions as one of the strongest tools yet to address illegal immigration.

The Treasury Department will oversee implementation of the executive order, although no timeline or enforcement details have been released.