Resolution In Support Of Usps Non-Bank Financial Services

 

Resolution 14-07.18

 

WHEREAS, Wall Street-backed predatory payday lenders and related money-card scams are financially devastating millions of low-income, working families and retirees, taking from them an average of a full month's hard-earned, desperately needed wages each year to pay exorbitant fees and usurious interest; and

WHEREAS, banks and other financial institutions have been abandoning low-income neighborhoods, thereby creating "bank deserts", while failing to offer low-cost financial  products that fit the needs of low-income people; and

WHEREAS, the Inspector General of the US Postal Service (USPS) has proposed a plan to stabilize USPS finances by providing the first-ever consistent nationwide alternative  to payday lenders at America's 30,000+ post offices and online and, similarly, provide other low-cost basic financial services to empower low-income people who are disproportionately women, minorities, veterans, immigrants, retirees and/or disabled;

NOW THEREFORE BE IT RESOLVED that the California Democratic Party hereby joins Sen. Elizabeth Warren and other bold leaders, and urges federal, state and local elected officials to join in support of the Inspector General's proposal that will return over $1 trillion in excessive fees and interest to low-income people and communities over the next decade while preventing otherwise necessary postal rate hikes, layoffs, service cuts and post office closures as well as potential privatization; and

BE IT FURTHER RESOLVED that the California Democratic Party warns against, and urges federal, state and local elected officials to oppose potential "backdoor privatization" by rejecting partnerships between the USPS and Wall Street banks and related businesses, and rather urges and supports collaboration between the USPS and independent community banks, savings and loan associations and credit unions to benefit low-income people, independent community institutions, and the USPS itself, respectively.

 

Sponsored by Sonoma County Democratic Party

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Adopted by the California Democratic Party
At its July 2014 Executive Board Meeting
Marriot Hotel, Oakland
July 13, 2014

 

 

 

 

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