Political Quotes

“I rise on behalf of more than 68 million Americans who lack access to adequate banking services. They are often shut out of banks because of fees tied to minimum balances, overdrafts, direct deposit penalties, and, of course, ATM charges. Or, worse, many live in bank deserts because, incredibly, even in 2019, their community lacks a bank or credit union altogether. This leaves underbanked Americans to turn to unregulated, predatory payday lenders and check cashers that level obscene annual percentage rates. These parasitic institutions keep families in poverty and further cement the economic inequality which tears our country apart. It does not have to be this way. Our United States Postal Service is in a unique position to provide affordable, consumer-driven financial services these millions of Americans need. With branches in every ZIP Code, from Paterson, New Jersey, to Elko, Nevada, to Barrow, Alaska, the post office's unmatched reach offers a world of opportunity. In 2014, the USPS inspector general determined that the Postal Service is well positioned to expand its financial services offerings, which currently includes money orders, check cashing, and prepaid debit card services. The IG's report found there is a significant demand for these services from populations underserved by private banks that the Postal Service could fill perfectly. It is difficult to overstate what this small change would do, Mr. Chairman.…”