Rep. Richmond Introduces Bill to Expand USPS to Include Basic Financial Services
Washington, DC – Rep. Richmond (LA-02) issued the following statement after reintroducing the Providing Opportunities for Savings, Transactions and Lending (POSTAL) Act – a bill that would expand access to basic financial services for millions of Americans and provide the United States Postal Service (USPS) an opportunity to generate billions of dollars in revenue:
“Currently, millions of hard-working Americans do not have access to fair and reasonable financial services,” said Rep. Richmond. “Allowing USPS to offer small-dollar loans and transactions would save working families thousands of dollars and reduce their dependency on predatory lenders. If signed into law, this legislation would both provide financial stability to the millions of unbanked Americans in this country and solidify the fiscal future of the USPS.”
The POSTAL Act would allow the United States Postal Service to offer basic financial services. Post office customers would be able to open checking accounts, deposit funds in an interest-bearing savings account, and receive small-dollar loans. The bill would also require that the Postal Service offer customers a convenient “Postal Card” that functions as a debit card and allows them to engage in in-store, mobile, and online transactions.