Today, I am introducing a Postal Banking Act to give everyone access to basic banking services like checking and interest earning savings accounts, small dollar loans, and transaction services like debit cards and cash machines.
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This idea could wipe out the predatory practices of the payday loan industry overnight by providing an accessible and low cost alternative.
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Payday lending traps compound the financial struggles of many hardworking people who are struggling to get by. It makes it expensive to be poor. A simple short-term $50 loan to pay a utility bill or repair a car could end up costing 400% more to repay in just two weeks!
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The Post Office has 30,000 locations across the country, making this an efficient and elegant solution for the millions of “unbanked” and "underbanked" in communities with no options. This bill will cost taxpayers nothing, and will also strengthen the Post Office's finances.
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And, most importantly, this bill will help many low-income workers begin to save and accumulate wealth, empowering our underserved communities to build financial success for generations.
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The federal government has backed financial institutions directly & indirectly for decades with FDIC insurance, FHA backing, & bailouts. But those “for profit” banks have left too many behind. It's time to close the gap—and this time, no one will get rich on the taxpayers dime.
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This is a simple solution to a problem facing every state in this country. In 2006, payday loans were so bad that Congress had to pass a law to ban them from preying on military service members. We should offer the same protections to everyone with an alternative to endless debt.
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Financial services and payday lender lobbyists will fight this hard, but we need to fight harder. It's simple: we should put people above profit. Join this fight: Make sure your interests are represented in Congress and raise your voice.
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it’s actually an old idea. a good idea, but she didnt invent it
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Does it matter who came up with it? She’s behind it and promotes it. Do you believe it has merit?
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it’s a very good idea, one we discussed in college, so many moons ago. liz warren etc are onboard.
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Senator Gillibrand assuming you're running in 2020 it is imperative that the party rid itself of the parasite AKA Bernie Sanders. The Party has to find someone willing to begin calling Bernie on his bs and sketchy history. Not you but it has to be done. The Media will not vet him
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Interesting idea that has promise but hard to do when Mick Mulvaney all but confirmed pay for play last night. You should run for president in 2020 because good chance we will be in a recession by then driven by consumer debt burden.
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The greatest opportunity for postal banking is in rural areas.
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Perhaps more of us might take this stance of yours seriously if you publicly called out
@DWStweets and any other Dems by name for the donations they receive from that particular industry? - 1 more reply
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Cannot wait for the Red Wave to hit California
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Even though I agree with many things that you say I can't get over the fact that you trashed senator franken
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I hope you can try to consider that it was a complicated issue. As you say, Senator Gillibrand has many great ideas. It would be a shame to discount her over Franken
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I doubt I'll get over it I don't like to see people mis treated like she mistreated franken
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I've written a lot about this topic on my page, if you want to check it out
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