HFSC Takes Up Public, Postal Banking
At a very well-attended HFSC Consumer Protection Subcommittee hearing, Democrats strongly supported government-led solutions to increase financial inclusion.  These include a proposal from Reps. Ocasio-Cortez (D-NY) and Tlaib (D-MI) to encourage public banking. Unsurprisingly, Republicans strongly opposed this, but at least one Democrat joined them – for example, Rep. Sherman (D-CA) described public banking as politically unfeasible, suggesting instead CRA reform.  The hearing also allowed many Democrats to support postal banking, but Rep. Lawson (D-FL) opposed it, citing USPS’s many problems.