U.S. Council of Mayors Adopts Resolutions for Trillion-Dollar Economic Boost at Zero Taxpayer Cost
by Matt Stannard on June 27th, 2014

U.S. Mayors vote for postal banking, financial services; "trillion dollar issue," says BankACT president.
 
DALLAS, TEXAS — At its June 20-23, 2014 annual meeting, the US 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 advocacy group.

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,” he 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 US 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.

About BankACT

BankACT (bankact.org) is a nonprofit organization advocating financial fairness via "public options" for banking and financial services. BankACT advocates postal banking as proposed by the Office of Inspector General of the US Postal Service. For information, visit bankact.org or write to info@bankact.org



Posted in not categorized    Tagged with United States Conference of Mayors, USPS, National Postal Infrastructure Bank, Postal Banking


6 Comments

Kevin Schmidt - June 30th, 2014 at 1:24 PM
Didn't the mayors get the memo?
The global corporate elite oligarchy has targeted the USPS for privatization because the people derive too many low cost benefits from it. If there's an extra dime the oligarchy can squeeze from the working class, they will find it!
orangutan - June 30th, 2014 at 1:57 PM
What? Offer an alternative to doing business with Wall Street predators? Isn't that un-American? Or something?
Ruby Jackson - July 1st, 2014 at 3:43 PM
That is the best news I've heard all day!! People who know how to get good things done are priceless! Thank you
a.c - July 2nd, 2014 at 10:39 PM
Yes, the best news in a while, we should socialized financing, banking, medicine and pharma so more people benefits from it and not wall street and the oligarchs...
kols - July 4th, 2014 at 2:51 AM
Two bits they won't allow interest on savings to be higher than what traditional banks offer.
alan - July 10th, 2014 at 5:01 PM
While we understand that the Zionist bankster cartel will not willingly allow serious competition, we also should remember that as we approve and sanction and support minor intrusions into their 'kingdom', newer and more creative intrusions will make sense to us, and gradually the 'sheeple' will awaken from their dream state. And then the politicians that have supported the Zionist banking cartel, for personal financial gain, will have to be a little more compliant to the wishes of the populace, or risk becoming unemployed. Unless they can control the law making business, the Zionist bankers have no use for them. Using the USPS for common sense financial benefit is just simple economics. And almost so 'simple' that it may not even tip off the banksters, and their political minions.
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