Bank Job: How the Fed Aids Illegal Aliens

[rangerrebew]

Bank Job: How the Fed Aids Illegal Aliens
By Bob Dane   October 8, 2019 1 Comment


Little known to Americans, but widely used by illegal aliens, a U.S. banking program is helping to funnel billions of dollars out of this country.

“Directo a Mexico” sends remittances of U.S. funds through the U.S. Federal Reserve directly to Mexico’s central bank. And the Fed has been doing this for years.

The George W. Bush administration launched the program in 2005 to provide low-cost banking services to immigrants – legal and illegal – as well as to facilitate the transfer of U.S. dollars. Remittances sent via Directo a Mexico are processed through the Fed’s automated clearinghouse to Banco de Mexico.

https://www.immigrationreform.com/2019/10/08/federal-reserve-banking-remittances-immigrationreform-com/

[PeteS in CA]

It's a program that facilitates ALL $$ transfers between banks in the US and Mexico, regardless of the person or business using it. It was not set up specifically for immigrants, and given the timing, probably flowed from NAFTA.

The article headline is disingenuous clickbait.