U.S. Mayors Adopt Postal Banking Resolutions - $1 Trillion Boost at Zero Taxpayer Cost
U.S. Mayors Adopt Postal Banking Resolutions - $1 Trillion Boost at Zero Taxpayer Cost
By Matt Stannard / bankact.org

At its annual meeting last week, the U.S. Conference of Mayors (USCM) adopted a pair of resolutions endorsing postal banking, co-signed by eight mayors from six states. Their goal is to bring $1 trillion of job-creating economic stimulus primarily to low-income neighborhoods, over the next decade, at zero cost to taxpayers.

Post office-based financial services will generate sales tax revenues of as much as $3 billion a year, benefiting cities of the more than 200 mayors attending the USCM meeting, according to BankACT, a nonprofit organization advocating financial fairness via "public options" for banking and financial service.

In one resolution, the USCM calls upon the United States Postal Service (USPS) to offer basic financial services, such as small payday loans and reloadable money cards. Payday lenders and other financial predators target low-income working families and retirees at exorbitant cost, totaling nearly $100 billion a year, noted BankACT president Marc Armstrong.

“By offering inexpensive financial services,” Armstrong said, “the USPS can help drive out financial predators, restoring billions of dollars to low-income neighborhoods at no cost to taxpayers.”

The other USCM resolution urges the Postal Service to bring back once-popular postal savings accounts and use the deposits to help fund a national infrastructure bank. This specialized bank will reduce the high cost of financing public construction projects — a boon to local governments, Armstrong added, that can generate thousands of jobs.

The USCM resolutions were inspired by a January 2014 report by the USPS Office of Inspector General (OIG) citing payday lender abuses. The OIG report proposed that the Postal Service offer low-cost basic financial services, including small payday loans and savings accounts. It will especially help people who don’t currently use bank accounts.

Lead sponsor of the U.S. Conference of Mayors postal banking resolutions was Virgil Bernero, Mayor of Lansing, Michigan. Co-signers were Mayors Paul Soglin (Madison, Wisconsin), Jean Quan (Oakland, California), Gayle McLaughlin (Richmond, California), Stephen Cassidy (San Leandro, California), Joy Cooper (Hallandale Beach, Florida), Dan Rizzo (Revere, Massachusetts) and Sal Panto (Easton, Pennsylvania).

"BankACT invites all mayors and other elected officials to take a stand with us on this trillion-dollar issue," Armstrong said. The two postal banking resolutions and a slide briefing are available for download at postalpower.org.

3.5 ·
1
What's Next
Trending Today
10 Provocative Quotes from Ivan Illich's "Deschooling Society"
Daniel Lattier · 14,899 views today · Ivan Illich’s groundbreaking book Deschooling Society (1971) offers a radical critique of the institutionalization of education within modern societies. Illich believed that we...
11 Traits of People With High Emotional Intelligence
Raven Fon · 10,028 views today · Lately, new ways to describe human interactions, social behaviours, and many facets of psychology have emerged on the social network scene. One of those descriptions is “high...
Welcome to Marinaleda: The Spanish Anti-Capitalist Town With Equal Wage Full Employment and $19 Housing
Jade Small · 6,998 views today · With virtually no police, crime or unemployment, meet the Spanish town described as a democratic, socialist utopia. Unemployment is non-existent in Marinaleda, an Andalusian...
Superblocks: How Barcelona Is Taking City Streets Back From Cars
5 min · 6,065 views today · Modern cities are designed for cars. But the city of Barcelona is testing out an urban design trick that can give cities back to pedestrians.
When You Kill Ten Million Africans You Aren't Called 'Hitler'
Liam O'Ceallaigh · 5,835 views today · Take a look at this picture. Do you know who it is? Most people haven’t heard of him. But you should have. When you see his face or hear his name you should get as sick in...
Who Are You? Watching This Breathtaking Video Could Be the Moment You Change Your Life
2 min · 5,111 views today · "Normal is getting dressed in clothes that you buy for work, driving through traffic in a car that you are still paying for, in order to get to a job that you need so you can...
Real Change in Democracy Comes Not in the Voting Booth but Activism at the Grass-Roots
Ilze Peterson · 4,512 views today · Many years ago, the late Judy Guay, a low-income woman from Bangor, founded the Maine Association of Interdependent Neighborhoods in order to advocate for the neediest in our...
Fighting Trump - Residents Opposing Donald Trump's Scottish Golf Resort
14 min · 4,058 views today · Documentary on the residents protesting against Donald Trump's golf development on the Menie Estate in Aberdeenshire, Scotland. Directed and Presented by James Trosh.
How a Trump Presidency Would Unleash a Torrent of Racist Violence-And Devastate the Left
Arun Gupta · 3,477 views today · The Left should take the Trump threat very seriously.
Doctors Response to Daily Mail Bigotry is Beautiful
Neil Tiwari · 3,120 views today · A poetic open letter to the Daily Mail newspaper from Dr. Neil Tiwari, in response to a bigoted attack on his colleagues, is going viral and it's beautiful.
Throw (2016)
10 min · 2,997 views today · The first installment of Invisible Thread, an ongoing ELM passion project series, Throw tells the story of an outsider from East Baltimore, an area challenged by gang violence...
Today I Rise: This Beautiful Short Film Is Like a Love Poem For Your Heart and Soul
4 min · 2,982 views today · "The world is missing what I am ready to give: My Wisdom, My Sweetness, My Love and My hunger for Peace." "Where are you? Where are you, little girl with broken wings but full...
Forest Man
16 min · 2,696 views today · Since the 1970's Majuli islander Jadav Payeng has been planting trees in order to save his island. To date he has single handedly planted a forest larger than Central Park NYC...
Maya Angelou's 3-Word Secret to Living Your Best Life
3 min · 2,641 views today · Dr. Maya Angelou says that in order to be the best human being you can be, you must follow one simple directive: "Just do right." Watch as Dr. Angelou reveals how you can never...
What Makes Call-Out Culture So Toxic
Asam Ahmad · 2,004 views today · Call-out culture refers to the tendency among progressives, radicals, activists, and community organizers to publicly name instances or patterns of oppressive behaviour and...
93 Documentaries to Expand Your Consciousness
Films For Action · 1,787 views today · There are over 800 documentaries now cataloged in our library of social change films. That's probably way too many for any mortal to ever watch in a lifetime, let alone a few...
How to Criticize with Kindness: Philosopher Daniel Dennett on the Four Steps to Arguing Intelligently
Maria Popova · 1,674 views today · “Just how charitable are you supposed to be when criticizing the views of an opponent?”
What It Really Means to Hold Space for Someone
Heather Plett · 1,404 views today · How to be there for the people who need you most
Alan Watts: What If Money Was No Object?
3 min · 1,273 views today · How do you like to spend your life? What do you desire? What if money didn't matter? What if money was no object? What would you like to do if money were no object? Spoken...
Ten Ways We Misunderstand Children
Jan Hunt · 1,207 views today · 1. We expect children to be able to do things before they are ready. We ask an infant to keep quiet. We ask a 2-year-old to sit still. We ask a 3-year-old to clean his room...
Load More
Like us on Facebook?
U.S. Mayors Adopt Postal Banking Resolutions - $1 Trillion Boost at Zero Taxpayer Cost