Following the 2008 financial crisis, many banks pulled back from their poorest customers. The shift has had lasting costs for millions of Americans now struggling to access mainstream financial services such as checking accounts and credit cards. The three Democrats, along with Senator Kirsten Gillibrand
1 / 2FILE PHOTO: Democratic 2020 U.S. presidential candidate Sanders speaks in ConcordFILE 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. REUTERS/Brian Snyder/File PhotoBy Pete Schroeder and Anna Irrera
Ten years later, Democrats, driven by progressive firebrands like Senators Bernie Sanders, Elizabeth Warren and Representative Alexandria Ocasio-Cortez, see financial inclusion as a draw for voters. "But they are also looking for things that are common themes for people living in rural communities. Financial inclusion is one of those things that ties together those people."
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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