Lyudinovo

Main Menu

  • Home
  • Russian hotel
  • Russian restaurant
  • Russian currency
  • Russian economy
  • Russian budget

Lyudinovo

Header Banner

Lyudinovo

  • Home
  • Russian hotel
  • Russian restaurant
  • Russian currency
  • Russian economy
  • Russian budget
Russian budget
Home›Russian budget›The conservative case of postal banking

The conservative case of postal banking

By Lawrence C. Saleh
October 5, 2021
0
0
Mailbox. Illustrated | iStock

Last month, the U.S. Postal Service began offering check cashing services at locations in the Washington, Baltimore and Bronx subways. Although this is only a pilot project in a few markets, the program is a small step towards restoring postal banking services, which the USPS discontinued in 1967.

Progressives have long viewed postal banking as a way to bring millions without a bank account in the ordinary financial system. Because they have bad credit, have difficulty maintaining a minimum balance, or do not have a fixed address, these customers rely on non-bank establishments like check-cashing stores and payday lenders. Due to their high fees and interest rates, these transactions were regulated when the Consumer Financial Protection Bureau was established in 2011.

Most conservatives and libertarians have rejected this effort, including the public alternative proposals. The arguments invoke classic themes of small governments: offering banking services through the postal service would be expensive, unnecessary and unfairly compete with private enterprise. There is also good reason to doubt that the postal service has the capacity to administer complicated products such as loans. It can barely deliver mail in some of the same designated markets for the new program.

In recent years, however, the right has embarked on a sweeping re-examination of the scope of government. As populists question traditional opposition to tariffs and industrial policy, they might also question whether a limited version of postal banking makes sense in the 21st century. Despite all of its shortcomings, the USPS has one advantage that private financial institutions do not: As a branch of the national government, its banking activities would likely be subject to the first amendment.

The protection of the First Amendment means that customers of a postal bank could not have their accounts closed or their transactions refused because they were associated with controversial political activity. Particularly if it included an online payment option, the postal bank could act as a safe haven for conservatives or other dissidents who fear the emergence of a de facto social credit system. Private payment processors, on the other hand, have been crack down on using their platforms for such unattractive constitutionally protected purposes.

Write in The New York Times, James Poulos recently forbidden Bitcoin and other cryptocurrencies as a means of protecting the private financial affairs of citizens from public influence. Paradoxically, banking with the state itself would have the same effect. Unlike accounts on PayPal, the Constitution cannot be revoked.

You may also like

7 painfully funny cartoons about America’s never-ending vaccine battles

Facebook whistleblower tells 60 Minutes that her ex-employer is not “malicious” but is definitely destroying companies

Jimmy Fallon & Nicole Kidman Almost Get Interview With No Residual Embarrassment From Miss

Related posts:

  1. Best emergency loans for October 2021
  2. Native American lawyers push back attacks on tribal lenders – InsideSources
  3. Online Payday Loans In Las Vegas
  4. Borrowers Must Arbitrate “Rent-a-Tribe” Payday Loan Case, 9th Circuit Rules
Tagsinterest rates

Categories

  • Russian budget
  • Russian currency
  • Russian economy
  • Russian hotel
  • Russian restaurant

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • September 2020
  • July 2020
  • June 2020
  • January 2020
  • October 2019
  • May 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • March 2018
  • September 2017
  • June 2017
  • March 2017
  • January 2017
  • December 2016
  • November 2016
  • June 2016
  • December 2015
  • June 2015
  • April 2015
  • March 2015
  • February 2015
  • December 2014
  • November 2014
  • May 2014
  • April 2014
  • March 2014
  • October 2012
  • June 2012
  • March 2012
  • February 2012
  • December 2010

Recent Posts

  • Mississippi restaurant owner on the true cost of inflation: Never seen anything like this before
  • Russian ruble hits seven-year high as countries switch to currency for gas payment
  • STR: Delay in recovery of Estonian hotels and hotel development
  • RRF Refill Bill Fails to Pass Senate, Dealing a Blow to Restaurant Industry
  • Anne Hathaway stuns in ultra chic as she leaves her hotel during the Cannes Film Festival
  • Privacy Policy
  • Terms and Conditions