A proposal known as postal banking would authorize the United States Postal Service to provide financial services.
The idea is something that Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) — two self-described socialists — are now pushing.
In legislation they released last week — which also seeks to cap credit card interest rates at 15 percent — the duo said postal banking could offer relief to low-income Americans.
“Post offices exist in almost every community in our country,” wrote Sanders — one of the many candidates for the Democrat nomination to the presidency in 2020 — in a blog post.
“There are more than 31,000 retail post offices in this country. An important way to provide decent banking opportunities for low-income communities is to allow the U.S. Postal Service to engage in basic banking services,” he also wrote. – READ MORE