Rep. Richmond (LA-02) reintroduced a bill that would expand access to basic financial services to millions of Americans and provide USPS an opportunity to generate billions of dollars in revenue.
February 2, 2016
Press Release
Washington, DC – Rep. Richmond (LA-02) issued the following statement after reintroducing the Providing Opportunities for Savings, Transactions and Lending (POSTAL) Act – a bill that would expand access to basic financial services for millions of Americans and provide the United States Postal Service (USPS) an opportunity to generate billions of dollars in revenue:
“Currently, millions of hard-working Americans do not have access to fair and reasonable financial services,” said Rep. Richmond. “Allowing USPS to offer small-dollar loans and transactions would save working families thousands of dollars and reduce their dependency on predatory lenders. If signed into law, this legislation would both provide financial stability to the millions of unbanked Americans in this country and solidify the fiscal future of the USPS.”
The POSTAL Act would allow the United States Postal Service to offer basic financial services. Post office customers would be able to open checking accounts, deposit funds in an interest-bearing savings account, and receive small-dollar loans. The bill would also require that the Postal Service offer customers a convenient “Postal Card” that functions as a debit card and allows them to engage in in-store, mobile, and online transactions.
Long over due, but it doesn’t say what happened to his first bill. Also doesn’t say how many of his colleagues supports it and what chances it has of making it to the floor bfor debate
an idea whose time ha has come. an employee bank for the people run by long employed dedicated regular craft employees
No sane individual would bank with the USPS, especially if you know how the postal service is run. As an employee with USPS, there is no way on Gods green earth, would I ever bank with the USPS. I am just happy when they deliver my check stub to my mail box the week that I get paid. Look how well government handles our money now with 19 trillion in operating debt and anywhere between 100 – 200 trillion in unfunded liability debt. What could go wrong???