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Thu May 13, 2021, 09:03 PM

NYC Mayor: Yang announces banking proposal, defends spotty voting record during campaign blitz


Andrew Yang, the latest entrant into the crowded race for mayor, promised to cut off banks that refuse to accept municipal identification cards if he is elected.

Yang framed the proposal — which follows his promise to deliver cash payments of up to $5,000 a year to 500,000 of the city’s lowest-income residents — as a means of financial security for immigrants who are struggling financially.

“As mayor, I pledge that the city will not do business with a financial institution that does not accept New York City ID in order to open accounts,” Yang said at a press conference in Lower Manhattan. “It is perverse that in the world’s financial capital, almost one million New Yorkers are unbanked or underbanked.”

He said an average household that can’t access traditional banking services spends about $3,000 a year on check-cashing sites and other businesses that slam customers with high fees and interest rates.

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