Bernie Sanders's Highly Sensible Plan to Turn Post Offices Into Banks
OCT 20, 2015
:
"If you are a low-income person, it is, depending upon where you live, very difficult to find normal banking. Banks dont want you. And what people are forced to do is go to payday lenders who charge outrageously high interest rates. You go to check-cashing places, which rip you off. And, yes, I think that the postal service, in fact, can play an important role in providing modest types of banking service to folks who need it."
Sanders: Theres No Need to End Saturday Mail Delivery
March 5, 2014
:
Second, the Postal Service should have the flexibility to provide new consumer products and servicesa flexibility that was banned by Congress in 2006. It is now against the law for workers in post offices to notarize or make copies of documents; to cash checks; to deliver wine or beer; or to engage in e-commerce activities (like scanning physical mail into a PDF and sending it through e-mail, selling non-postal products on the Internet or offering a non-commercial version of Gmail).
A recent report from the Postal Service Inspector General suggests that almost $9 billion a year could be generated by providing financial services. At a time when more than 80 million lower-income Americans have no bank accounts or are forced to rely on rip-off check-cashing storefronts and payday lenders, these kinds of financial services would be of huge social benefit.
** This also appeared as a WSJ Op-Ed but you need a logon so I sourced from postalnews.com.
Edit history
Please
sign in to view edit histories.
Recommendations
0 members have recommended this reply (displayed in chronological order):