Executive Order 14247: Modernizing Payments To and From America’s Bank Account

President Biden’s Executive Order 14247, issued on March 25, 2025, sets a clear path to phase out paper-based federal payments and move toward fully electronic transactions. Citing high costs, fraud risks, and inefficiencies, the order directs agencies to adopt digital payment systems like direct deposit and digital wallets. It includes provisions for public outreach and support for unbanked individuals while maintaining exceptions for emergencies and national security. This modernization effort is designed to enhance financial security, streamline operations, and reduce taxpayer burden.