If approved, legislation backed by Sen. Kirsten Gillibrand could provide low-income Americans access to basic banking services that are often unavailable to them.
The New York Democrat said during a stop in Buffalo on Friday that the proposed law would create a retail bank in all of the U.S. Postal Service’s 30,000 locations
“It would give low-income Americans a safe, inexpensive place to hold their money or to take out a small loan. It would cap fees at extremely low rates and allow people to earn interest on their savings. And it would finally end predatory lending practices here as well," Gillibrand said.
Under Gillibrand’s bill, any American could open an account at the postal bank.