Stacy Washington, host of "Stacy on the Right," said in an op-ed that President Trump's economic agenda is designed to prioritize workers and businesses over foreign competitors. She argued that the Federal Reserve's Foreign Bank International Cash Services (FBICS) program should be capped or terminated to prevent harm to U.S. banks.
"President Trump's entire economic agenda is built around a single core principle: government policy ought to benefit American companies and workers over their foreign competitors," said Washington. "The Federal Reserve currently runs the Foreign Bank International Cash Services (FBICS) program. Every foreign institution using the program means fewer clients and fewer jobs for U.S. banks. At the very least, the administration should insist that FBICS participation be limited to institutions with a spotless compliance record."
According to Washington, the FBICS program provides direct access to U.S. currency for foreign banks, even those without a physical presence in the United States. This not only reduces business opportunities for American financial institutions but also raises national security concerns by potentially enabling illicit activities such as fraud and money laundering. She noted that some foreign banks participating in FBICS, including the Exchange Bank of Canada and Moneycorp, have faced regulatory scrutiny for compliance failures.
Reuters reports that billions of dollars in physical U.S. and euro banknotes have continued to flow into Russia despite sanctions imposed by the U.S. and EU starting in March 2022. From March 2022 to December 2023, around $2.3 billion in cash was shipped from countries such as the UAE and Turkey into Russia, largely through intermediaries like airport duty‑free operator Aero‑Trade and state‑linked banks that exchanged precious metals for hard currency. These shipments underscore how cash remains a critical medium for trade, saving, and travel within Russia even amid escalating efforts to cut Moscow off from western financial channels.
Washington added that the Trump administration’s economic vision extends beyond traditional manufacturing to enhance America's role in global finance. To maintain leadership in this sector, she said the White House supports the GENIUS Act, which would establish a regulatory framework for stablecoins—a rapidly growing financial technology that could influence the future of digital currencies. This legislative effort is paired with plans to ease regulatory burdens on U.S. banks, allowing them to compete more effectively with global counterparts. These initiatives reflect a broader strategy aimed at keeping America at the forefront of financial innovation while safeguarding its economic sovereignty.
President Trump’s economic strategy is anchored in serving American businesses and workers first, according to Washington. His administration is advancing a tax reform proposal allowing companies to immediately deduct costs associated with building new facilities in the U.S., thereby encouraging domestic investment. Additionally, he is enforcing tariffs on foreign imports and renegotiating trade deals to incentivize companies to manufacture goods within the United States rather than abroad. These efforts are complemented by streamlining permitting processes for major energy projects with the goal of reducing bureaucratic delays and jump-starting industrial development across the country.
Washington, a decorated Air Force veteran and Emmy-nominated TV personality, hosts "Stacy on the Right" weeknights from 9 p.m. to midnight ET on SiriusXM Patriot Channel 125. She is also the author of "Eternally Cancel Proof — A Guide for Courageous Christians Navigating the Political Battlefront."
