Date: 10/12/2022
I strongly support basic banking services at Post Offices nationwide. Postal banking has the potential to be transformative for consumers and will help support the public Postal Service. It is a win-win proposition.
From 1911 until 1967 there was a United States Postal Savings System (USPSS), signed into law by President William Howard Taft and operated by the United States Post Office Department, predecessor of the United States Postal Service. A campaign by bankers, dating back to the service’s introduction, had lobbied to create the impression that with all the banking reforms after the Great Depression, the USPSS was redundant, and not necessary.
Now, The Post Office with a mission of public universal service, would provide a new kind of banking experience. The Postal Service would offer consumers easy to understand, affordable services. This would stand in stark contrast with the deceptive sales practices and sky-high fees of current providers. With locations in every community across the country, the Post Office would be an accessible place for all Americans to obtain basic financial services.
The provision of basic financial services is a model that works. It is routine at post offices around the world. Enhancing and expanding financial services, from checking cashing to small dollar loans, will serve the public and will bolster the U.S. Postal Service.
Richard P. Micelotta
Ludlow
