A new economic analysis from a former Trump administration official confirms President Donald Trump’s reported preference for an open banking rule without hidden fees. The Trump administration is currently preparing to release its final Open Banking rule. 

Jay Ezrielev, an antitrust expert who served in the first Trump administration as the former economic advisor to Federal Trade Commission Chairman (FTC) Joseph Simons, released an analysis highlighting the damage that new bank fees could have on Trump’s affordability agenda. This analysis comes as several large financial institutions, many of which were involved in the debanking of Trump and his family, have voiced plans to introduce new access charges, which some conservatives and consumer protection experts have called a “toll on your data.” 

The Washington Reporter has covered the debate over the Open Banking rule extensively, including publishing a recent breakdown by legal experts and Trump alumni, as well as warnings from crypto leaders about what new fees might mean for Trump’s vision for American crypto leadership, and more.

Ezrilev’s research finds that big bank fees on online transactions would act like a tax on connectivity, and could slow innovation in financial technology, reduce competition, and weaken the broader financial services ecosystem. The paper credits fee-free open banking with supporting growth in payments, lending, AI-driven tools, and small business credit, and warns that new access fees could reverse those gains and put U.S. leadership at risk.

On the issue of affordability, Ezrielev writes that “financial services companies would likely pass a portion of access fees to consumers, thus increasing consumers’ costs of using financial services and reducing the demand for these services.”

Ezrielev’s research also finds that new fees on open banking and financial transactions would seriously harm American competitiveness. “Access fees would chill financial services innovation and reduce competition, likely impeding the growth of the financial services industry,” Ezrielev writes. “Access fees charged by U.S. banks may also place U.S. financial services at a competitive disadvantage relative to companies in other countries where banks do not charge access fees.”

The Trump administration is expected to release its final Open Banking rule in the next few weeks.