Bernie Sanders supporters call for postal banking
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.
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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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