Lauren’s proposal for the PRE-PARED Act (Postal Restoration and Enhancement-Public banking and Refund Excess Downpayment Act).
We cannot allow another public institution to be further eroded through the privatization of the Postal Service. We must act to keep USPS operational, fully funded, and expand its role into providing financial services in the public interest through a postal banking system. Post offices can successfully be expanded to provide financial services. There are over 30,000 locations (by comparison, JPMorgan Chase has only 5,000 locations). Post offices are built like banks with heavy brick walls, steel screens, vaults, ATMs, and armored trucks. They are respected by the public and up to the task of serving the underbanked and unbanked.
Policy Recommendations Include:
- Issuing $89 billion in Congressional stimulus appropriations to be immediately disbursed to USPS to address the pandemic-induced crisis and previous undermining of the institution
- Repealing of the Postal Accountability and Enhancement Act
- Amending the Postal Reorganization Act and placing the USPS back under Congressional purview
- Re-introducing a nationwide Public Postal Banking System that will provide individuals with several financial services such as prepaid debit cards, mobile transactions, new check cashing services, savings accounts, and access to credit. All provided in the same locations as postal services