Posted on 10/30/2020 12:58:33 PM PDT by Borges
Democratic Reps. Alexandria Ocasio-Cortez (N.Y.) and Rashida Tlaib (Mich.) on Friday introduced a bill to create a federally chartered and supported public banking system.
Called the Public Banking Act, the bill would develop a system through which the Federal Reserve System and Treasury Department would recognize, offer grants and open credit facilities for nonprofit banks. These banks would be intended to compete with the commercial banking industry and would be barred from charging fees on checking or savings accounts, requiring minimum balances and levying interest rates of more than 15 percent.
Tlaib and Ocasio-Cortez said the bill is intended to expand access to financial services in areas where a large portion of the population is unable to afford conventional banking services. Nearly 30 percent of those without bank accounts cited an inability to meet minimum balance requirements as the main reason they did not use a bank, according to a June 2019 survey conducted by the Federal Deposit Insurance Corp., and nearly 49 percent said it was at least a contributing factor.
“From overdraft fees to charging for having a checking account period, Wall Street-run banks put key financial services out of reach for many of my residents who are struggling to make ends meet,” Tlaib said in a statement
“It’s long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them.”
Tlaib and Ocasio-Cortez said the bill is also intended to give local governments, community development projects and small businesses easier access to loans and federal financial relief programs as they grapple with the damage wrought by the coronavirus pandemic.
“The creation of public banks will also facilitate the use of public resources to construct a myriad of public goods including affordable housing and local renewable energy projects,” Ocasio-Cortez said in a statement. “Public banks empower states and municipalities to establish new channels of public investment to help solve systemic crises.”
The bill from Tlaib and Ocasio-Cortez, both members of the House Financial Services Committee, is the latest push from progressive Democrats to create federally funded and supported alternatives to the financial sector.
House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) in June introduced a bill that would order banks within the Federal Reserve System to offer “FedAccounts” with similar terms as specified in the Public Banking Act.
A task force set up by Democratic presidential nominee Joe Biden and Sen. Bernie Sanders (I-Vt.) in July also called for the creation of a government-run banking system set up through the Federal Reserve and U.S. Postal Service.
I never take bartenders advice.
Slush fund, looting extraordinaire.
Did they ever hear of CREDIT UNIONS?
It’s easier to steal if you own the place where to money is kept.
All these bills will pass in 2021 if those jerks win the election with all 3 branches. Scary!
Awesome, we’ll be just like Chyna
All the money will belong to the Democrats
Awesome! Insider loans with taxpayer funds.
What could go wrong?
Just make it so you there are no penalties, fees or repayments required for overdrafts and I’m in.
An example of the Insanity of a Biden Admin
Right. “Give all your money to us...we’ll take care of it”..We’ve ponzied Social Security for 60 years, now let us show you what we can do for YOU!”
Oh yeah...these two are definitely the first that come to mind when I think f”financial advice.”
Is there anything she doesn’t want to nationalize?
no fees means Sharia Law...
Sounds like the congressional flab 4’s version of the us post office with French banking hours. Its a loosing money proposition from the start and the employees will likely be government union workers.
with socialism everything in the entire world is a problem and oppressive to everyone
except socialism
the irony is lost on them
They’ll give you an IOU signed by AOC ,LOL
Democrats want access to ALL you money. I have tried to explain to some Biden friends that some Socialist countries tax Accumulated Wealth. Your 401Ks, your stock and bond investments, your other savings.....and anywhere you have any money, they can find it and tax it.. And when the people die, they take 50% of your hard earned money that you would love to leave to your kids.
Didn’t Andrew Jackson have to smash one of these?
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