Article

2018-04-28 Government

Kirsten Gillibrand Unveils A ~~PX/BX~~ Post Office Public Option For Banking

[HuffPoo] Sen. Kirsten Gillibrand (D-N.Y.) is introducing legislation Wednesday that would require every U.S. post office to provide basic banking services, an ambitious step aimed at improving the lives of Americans with limited financial resources.
The gov't can go a long way to "improving my life" by simply staying out of it !
The bill brings to Congress for the first time a policy idea that has already won the support of liberal economists and anti-poverty activists: Turning the nation’s sprawling network of U.S. Postal Service facilities into places where working-class and low-income Americans who lack adequate access to commercial banking can obtain low-cost, short-term loans. Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) have both spoken out in favor of postal banking, but Gillibrand is the first to introduce legislation mandating it.

The central goal of the bill is to replace risky financial products like payday loans, which can trap borrowers in prolonged cycles of debt, with regulated alternatives.

"This is a solution to take on payday lenders, to take on the problems that the unbanked have all across the country. It’s a solution whose time has come," Gillibrand said in an interview with HuffPost.

To hear Gillibrand and other postal banking proponents tell it, the Postal Service and underbanked Americans are the perfect complements.

The postal system’s 30,000 locations touch every community. A majority ― 59 percent ― are in so-called banking deserts, or zip codes that have either no bank branches or just one.
Government banking? Now why didn't I think of that? What could possibly go wrong ?
Launching a postal banking system would require startup funding that could either be obtained through a loan from the treasury or a congressional appropriation. Gillibrand’s staff plans to seek an estimate of the cost from the Congressional Budget Office.
"Requires start-up funding"..... Absolutely shocking !
A postal banking system could be a major boon to the financially strained Postal Service. If even 10 percent of the money Americans currently spend on interest and fees for risky financial products went toward postal banking loans that cost 90 percent less, the Postal Service would gain almost $9 billion in annual revenue, according to a 2014 study conducted by the Postal Service Inspector General.

"It is really an elegant solution," said Gillibrand, who emphasized that benefits to the postal system, though significant, were a secondary consideration. "You have a system that already works. And you have the ability to let the unbanked have banking in a way that’s affordable."
"Elegant solution".... that would be email and on-line bill payments vs cards and letters. You familiar with electronic mail Kriston? Tell me, how many letters, birthday cards or Christmas greeting cards did you get last year ?

Posted by Besoeker 2018-04-28 08:51|| || Front Page|| [11133 views ] Top

#1 Failing Postal Service made even larger? The 'company store' solution. Gov't milk, bread and bologna? Someone please tell me, WTF is wrong with these people in Washington ?

Yea, we used to sell postage stamps, but now we sell lotto cards, beer, and weed. Have you been waited on ?

They've got it arse backwards per usual. Put the Post Office back in the corner of an existing store like it was in the 1930's through the 1950's. Walmart and Target would probably provide rent-free space just to facilitate the buyer traffic.

As the USPS entitlement employees retire and die off, replace them with Walmart employees. They handle your prescriptions and drugs, why can't they handle the mail ?

Posted by Besoeker 2018-04-28 08:58|| 2018-04-28 08:58|| Front Page Top

#2 Failing Postal Service made even larger?

Well, if you look on it as a corporation, yes. If you look at it as a Constitutional mandate (Art.1, Sec 8), its working as intended. Banking was never its mandate.

You notice she's sticking USPS with it. Banking was/is a Treasury function. See Alexander Hamilton and the First Bank of the United States. Hamilton wasn't a Marxists. If we're going to bail banks out, better it would be the government's bank, not money institutions which are part time money laundering schemes for 'insurance' purchases.

Posted by Procopius2k 2018-04-28 09:31|| 2018-04-28 09:31|| Front Page Top

#3 a policy idea that has already won the support of liberal economists and anti-poverty activists

That alone tells me it is a bad idea.

Posted by SteveS 2018-04-28 10:03|| 2018-04-28 10:03|| Front Page Top

#4 All the pleasure of Banking with the courtesy and customer service of the DMV. "Check's in the mail" never sounded worse

Posted by Frank G 2018-04-28 10:31|| 2018-04-28 10:31|| Front Page Top

#5 Coal shovels, button hooks, and curb feelers....where did they all go ?

Posted by Tyranysaurus the Wide9740 2018-04-28 10:55|| 2018-04-28 10:55|| Front Page Top

#6 Turning the nation’s sprawling network of U.S. Postal Service facilities into places where working-class and low-income Americans who lack adequate access to commercial banking can obtain low-cost, short-term loans.

So if you couldn't qualify for scams like Freddie Mac, Fannie Mae or Sallie Mae never fear. Now the government is gonna turn your local postal workers into loan sharks.

Posted by Abu Uluque 2018-04-28 12:56|| 2018-04-28 12:56|| Front Page Top

#7 Kirsten is from the government, and she's here to help us.

Posted by Matt 2018-04-28 13:02|| 2018-04-28 13:02|| Front Page Top

#8 Get more into debt, the globalist will love it.

Posted by Bright Pebbles 2018-04-28 13:29|| 2018-04-28 13:29|| Front Page Top

#9 Do I need 'six days per week' dump of junk mail? NO! Cut non-business delivery back to 3 days per week and SAVE !

What is so difficult about that ?

Posted by Besoeker 2018-04-28 13:35|| 2018-04-28 13:35|| Front Page Top

#10 So my Social Insecurity checks go to the Post Office, get deposited in the Post Office Bank then get garnered for fees, taxes and fines by the IRS?

Posted by Skidmark 2018-04-28 14:15|| 2018-04-28 14:15|| Front Page Top

#11 so-called banking deserts, or zip codes that have either no bank branches or just one

If the business opportunity made economic sense, there'd be more. Either the population is spread too thin, or doesn't feel underserved (in which case there'd likely be a co-op community bank or a credit union). Kirsten wants EBT/Banking/Voter Registration/Passport Service all in one spot

Posted by Frank G 2018-04-28 15:51|| 2018-04-28 15:51|| Front Page Top

#12 ...The point is to have people putting more of their money into the government's hands. Because the government will borrow it for good purposes, and they PROMISE it'll be paid back.

Mike

Posted by Mike Kozlowski 2018-04-28 16:04|| 2018-04-28 16:04|| Front Page Top

#13 Like Democrat's 401K IOU proposal to "invest" your money for you with a guaranteed payout. ~~Ponzi~~ Social Security II

Posted by Frank G 2018-04-28 16:27|| 2018-04-28 16:27|| Front Page Top

#14 First clean up the government corruption and then we can talk. We don't want to create another opportunity for corruption via the PO.

Posted by JohnQC 2018-04-28 16:46|| 2018-04-28 16:46|| Front Page Top

#15 Kirsten wants EBT/Banking/Voter Registration/Passport Service all in one spot
Posted by Frank G

Don't forget the beads and coffee. Beads, coffee, blankets, hard rock candy, don't forget.

Posted by Besoeker 2018-04-28 17:32|| 2018-04-28 17:32|| Front Page Top

#16 "Hard rock candy. It's not for eating. It's for looking through"

Posted by Frank G 2018-04-28 17:37|| 2018-04-28 17:37|| Front Page Top

#17 Kirsten wants EBT/Banking/Voter Registration/Passport Service all in one spot
Posted by Frank G

They can roll health care into it and make sure you're voting the right way before you're allowed your potassium supplements.

Posted by Thing From Snowy Mountain 2018-04-28 19:54|| 2018-04-28 19:54|| Front Page Top

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