Postal Banks

Before the new deal. Before the Federal Deposit Insurance Corporation (FDIC). The local post office was a local bank. The post office had a competitive advantage. The post office bank was backed by the federal government.

After the new deal, the post office got out of the banking business. Thanks to FDIC insurance, private enterprise prevailed. However, many Americans now live in areas not serviced by banks and have to live by cash payments

I believe that we should bring back the post office bank. That would allow the underserved poor to have access to banking services such as checking, saving, credit and debit cards.

Problem

We are closing more and more rural post offices. The closure of rural post offices just got a whole lot more serious. Maybe the new banking services will bring rural post offices closer to running in the black. That's probably wishful thinking, but I'm not sure

However, I believe that post offices are necessary services and should not be treated as business