Boosting access to the U.S. banking system is emerging as a prominent theme as D...
WASHINGTON - Boosting access to the U.S. banking system is emerging as a prominent theme as Democrats tap discontent over income inequality ahead of the 2020 presidential election.
The three Democrats, along with Senator Kirsten Gillibrand, have advocated for the U.S. Postal Service to provide banking services. Senator Cory Booker has said he wants to ban overdraft fees and Senator Kamala Harris has called for a crackdown on payday lenders.Humu Issifu, an African-American school worker from Chicago, said overdraft debt led her to close her checking account. Issifu, who now has a savings account, said she felt lawmakers do not care about struggles like hers but they should.
Nearly 85 million Americans, predominantly from low-income, rural and minority backgrounds, do not have a bank account or only have access to basic banking services, according to Federal Deposit Insurance Corporation data compiled in 2017.FILE PHOTO: Democratic 2020 U.S. presidential candidate and U.S. Senator Bernie Sanders speaks at a campaign rally in Concord, New Hampshire, U.S., March 10, 2019.
Beyond overdraft charges, many Americans cannot afford minimum balances, annual fees and ATM fees associated with many bank accounts. The cost of accessing financial services exacerbates the gap between the rich and the poor, a source of rising anger among voters which Democrats have seized upon.
Josh Orton, an adviser to Sanders’ campaign, said Sanders had long fought to curb payday lenders and introduce postal banking.Progressives like Warren and Sanders have pushed financial inclusion for years but the issue is getting more traction as progressives gain sway in the Democratic Party, said Mehrsa Baradaran, professor at the University of Georgia who has advised several campaigns.
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