Public Banking Act: New Banks, Services, and Community Support
The Public Banking Act of 2023 aims to establish and support public banks that will offer financial services to citizens and communities, with a focus on underserved groups. Citizens may gain access to free bank accounts, lower loan interest rates, and banking services at post offices, potentially improving their financial situation and access to essential services. These banks will also support eco-friendly projects and job creation.
Key points
Creation of Public Banks: Allows for the establishment of banks owned by states, local governments, or tribes, offering financial services like accounts, payments, and loans.
Accessible and Free Services: Public banks will not charge fees for accounts, have no minimum or maximum balances, or overdraft fees, making banking more accessible, especially for low-income individuals.
Lower Loan Interest Rates: Retail loan interest rates from public banks will be capped at a maximum of 15% or a lower state rate, potentially reducing borrowing costs for citizens.
Postal Banking: Banking services will be available at post offices, increasing financial access, particularly in rural areas and for those without traditional bank access.
Community and Environmental Support: Public banks will prioritize projects that create high-quality jobs, support underserved communities, promote environmental justice and sustainability, and will not invest in fossil fuels.
Data and Privacy Protection: Public banks will be required to protect customer privacy and cannot sell data to third parties, except for consumer reporting agencies.
Expired
Citizen Poll