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DeJoy Scheme to 'Kill Postal Banking' as USPS Reportedly Considering Plan to Let Wall St Set Up ATMs
DeJoy Scheme to 'Kill Postal Banking' as USPS Reportedly Considering Plan to Let Wall St Set Up ATMs in Post Officeshttps://www.commondreams.org/news/2020/08/20/warnings-dejoy-scheme-kill-postal-banking-usps-reportedly-considering-plan-let-wall
"What JPMorgan Chase wants to do looks like another attempt for big banks and corporations to privatize our public infrastructure so their shareholders gain while working families suffer."
JPMorgan Chase, the largest financial institution in the United States, is reportedly in talks with the U.S. Postal Service about a proposal to set up ATMs in post offices in several states across the country—a plan critics warned is an effort to eliminate the possibility of a public postal banking system.
Capitol Forum reported Wednesday that the Postal Service—currently headed by Louis DeJoy, a Republican megadonor to President Donald Trump—is "considering a proposal from JPMorgan Chase (JPM) to offer banking services in post offices in a move that could give the Wall Street giant an exclusive right to solicit postal customers."
"This wouldn't expand services for the unbanked, wouldn't change the terms that put big bank financial services out of reach for poorer people. It's designed just to stop postal banking."
—David Dayen, The American Prospect
A recent internal USPS planning document obtained by Capitol Forum says "the Postal Service is in discussions with JPMorgan Chase concerning a potential limited pilot test of ATM and other banking services located on Postal Service premises in several states." One anonymous source told Capitol Forum that the pilot would involve the Wall Street giant "leasing space from the Postal Service."
Sen. Sherrod Brown (D-Ohio), the top Democrat on the Senate Banking Committee and author of postal banking legislation, slammed the reported plan as yet another destructive Wall Street power-grab.
"What JPMorgan Chase wants to do looks like another attempt for big banks and corporations to privatize our public infrastructure so their shareholders gain while working families suffer," Brown told the New York Times, which confirmed Capitol Forum's reporting on the talks between USPS and JPMorgan Chase.
JPMorgan Chase, the largest financial institution in the United States, is reportedly in talks with the U.S. Postal Service about a proposal to set up ATMs in post offices in several states across the country—a plan critics warned is an effort to eliminate the possibility of a public postal banking system.
Capitol Forum reported Wednesday that the Postal Service—currently headed by Louis DeJoy, a Republican megadonor to President Donald Trump—is "considering a proposal from JPMorgan Chase (JPM) to offer banking services in post offices in a move that could give the Wall Street giant an exclusive right to solicit postal customers."
"This wouldn't expand services for the unbanked, wouldn't change the terms that put big bank financial services out of reach for poorer people. It's designed just to stop postal banking."
—David Dayen, The American Prospect
A recent internal USPS planning document obtained by Capitol Forum says "the Postal Service is in discussions with JPMorgan Chase concerning a potential limited pilot test of ATM and other banking services located on Postal Service premises in several states." One anonymous source told Capitol Forum that the pilot would involve the Wall Street giant "leasing space from the Postal Service."
Sen. Sherrod Brown (D-Ohio), the top Democrat on the Senate Banking Committee and author of postal banking legislation, slammed the reported plan as yet another destructive Wall Street power-grab.
"What JPMorgan Chase wants to do looks like another attempt for big banks and corporations to privatize our public infrastructure so their shareholders gain while working families suffer," Brown told the New York Times, which confirmed Capitol Forum's reporting on the talks between USPS and JPMorgan Chase.
6 replies
= new reply since forum marked as read
= new reply since forum marked as read
Seems they have it all planned out. 
