Now hear this! How about lending the post office a helping hand by allowing them to create the Postal Banking Act.
Yes, if Kirsten Gillibrand and Bernie Sanders, U.S. Representatives Alexandria Ocasio-Cortez (D-NY), Bill Pascrell (D-NJ), and Marcy Kaptur (D-OH) called on Congress to implement postal banking pilot programs in rural and urban communities across the country.
If they have their way the postal service will be competing with local banks and credit unions. Senator Gillibrand praised the announcement from the U.S. Postal Service that they had launched pilot programs in several locations, including the Bronx, to offer some financial services to unbanked and underbanked Americans. You know the Bronx, where obviously there are no private banks, or credit unions to serve the residents.
Gillibrand has long pushed for her legislation, the Postal Banking Act, which would create a postal bank to provide low-cost basic financial services to people who simply do not have access, or have limited access, to America’s banking system. This access will help to generate savings, wealth and credit, while bringing millions of American workers into a more fair banking system. It will also provide the United States Postal Service with as much as $9 billion in revenue per year.
According to Gillibrand the Postal Banking Act would strengthen the Postal Service by establishing a nonprofit bank offering low-cost checking and savings accounts, ATMs, mobile banking, and low-interest loans. According to a report from the USPS Inspector General, this proposal would create up to $9 billion in revenue for the Postal Service each year.
The postal bank would provide financial services to Americans who have been economically devastated by the coronavirus pandemic. Predatory financial services such as prepaid debit cards, rent-to-own stores, and overdraft fees often exploit the most vulnerable populations – including low-income households, rural communities, veterans and families of active duty personnel – especially in times of economic crisis. Instead of turning to these predatory services, families would gain access to traditional basic banking services and safe financial alternatives through the postal bank.
All this at the cost of actual private businesses! Yes folks, the far left has again gone berserk.
According to Senator Gillibrand: ““Being poor in America was expensive before the pandemic, and this unprecedented crisis has made it even harder for underserved communities (Like the Bronx) to access the financial services they need. In addition, the administration’s relentless attacks on the Postal Service and push for privatization is compounding the challenges faced by American families,” said Senator Gillibrand. “The USPS is the only institution that serves every community in the country, from inner cities to rural America. The Postal Banking Act would reinforce the Postal Service, provide critical revenue, and establish postal banking for the nearly 10 million American households who lack access to basic financial services. I’m proud to reintroduce this legislation with my friend Senator Sanders, a leader in the fight against predatory financial institutions.”
Obviously there are not enough banks and credit unions, ATM machines. Do you actually think the postal service will get better? Our mail will be delivered on time? Our mail won’t get lost or sent to Timbuktu? The Postal Banking Act, that ‘pie-in-the-sky solution to all problems leaving private business in the dust. Yes, government does it one better.