A bill to amend title 39, United States Code, to provide that the United States Postal Service may provide certain basic financial services, and for other purposes.
Postal Banking Act
This bill grants the U.S. Postal Service (USPS) the power to provide basic financial services, including:
It grants the USPS the power to: (1) set interest rates and fees for the financial instruments and products provided by the USPS that meet specified requirements, and (2) allow capitalization of an amount deemed necessary by the USPS to finance the services provided by this bill.
The USPS: (1) shall not be granted a bank charter, become an insured depository institution, or engage in traditional banking activities such as lending; and (2) shall be subject to the provisions of the Uniform Commercial Code regarding bank deposits and collections.
Referred to the House Committee on Oversight and Government Reform.
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
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