Bernie Sanders supporters call for postal banking – By Brittany De Lea (FOX Business) / Dec 8 2020
The Democratic Socialists of America are hosting a webinar on the topic this weekend
Supporters of Sen. Bernie Sanders, I-Vt., are pushing for government-run financial institutions.
In a Twitter post, the group “People for Bernie” wrote that regardless if Democrats are able to flip the Senate – meaning whether they are able to win two runoff races in Georgia next month – it can still win postal and public banking systems.
Regardless of if we win flip the Senate, we can win Postal Banking. We can also win public banks at the state and local levels across the nation.
RSVP for @DSA_Labor's event to learn about both https://t.co/c0zXI9TuUR
— People for Bernie (@People4Bernie) December 6, 2020
Sanders has called for a postal banking system, whereby local Post Office locations would be authorized to provide financial services.
Some of the proposed services a postal banking system could offer include low-interest loans, checking and savings accounts, debit cards, check cashing, bill payment, ATM services, online banking services and electronic money transfers. The measure has been framed as a way to prevent lower-income Americans from falling victim to predatory payday lending practices – and from having to rely on Wall Street’s largest institutions.
The Democratic Socialists of America is planning a series of webinars on the Postal Service, including one on postal banking this weekend.
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