Sen. Kirsten Gillibrand (D-N.Y.) will offer a bill to establish retail banking services at every U.S. post office, her office announced Wednesday.
Gillibrand will introduce a bill that would make the U.S. Postal Service (USPS) offer checking and savings accounts, small-dollar loans, debit cards, cash withdrawals and money transfer services in each of its roughly 30,000 offices.
The proposal has been popular among liberals for several years, but has earned recent mainstream support from prominent progressive politicians. Supporters of postal banking say it could give millions of Americans in areas without banks access to essential financial tools.
U.S. post offices offered banking services in the early 20th century, and supporters of bringing back the practice say it would help undercut predatory lenders and short-term, high-interest “payday” loans – READ MORE
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