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Public Banking Option Act
This bill directs the Treasury Department to offer basic banking services — checking accounts, savings accounts, and debit cards — through post offices, providing unbanked and underbanked Americans access to no-fee financial services and reducing dependence on predatory payday lenders.
Discussion (4)
I support the intent but worry about the implementation timeline. Can we add a phased rollout?
I work with affected populations and can say firsthand this kind of reform is desperately needed.
We need stronger enforcement provisions with real penalties for non-compliance.
Strengthen enforcement provisions
+ Proposed Text
New Section 8: "Violations subject to civil penalties of $10,000+ per day. Enforcing agency authorized to conduct audits and investigations."
This is a bipartisan issue both sides should agree on. Let's not let perfect be the enemy of good.