Coronavirus prompts renewed calls for postal banking, faster payments
By Neil Haggerty
Federal efforts to provide stimulus checks to Americans hit by the coronavirus’ economic fallout have revived calls for better government-backed financial delivery systems. Millions of households haven’t received their $1,200 payments nearly a month and a half after Congress authorized them. …Karen Petrou, managing partner at Federal Financial Analytics, said calls by progressives for new, government-operated delivery models will only continue to grow. “All of the problems … the IRS checks not getting where they’re supposed to, the challenges of people dealing with the unbanked, this is creating a lot of progressive demand for alternative financial delivery system,” Petrou said. “Where people think the private infrastructure failed them … they want a new government infrastructure and that again is [the] Postal Service, central bank digital currency and the new Fed-dominated payment system.”