Letter to Fed Chair and Postmaster General urges increased banking options for low-income and rural Americans
WASHINGTON, DC – U.S. Reps. Bill Pascrell, Jr. (D-NJ-09) and Alexandria Ocasio-Cortez (D-NY-14) today wrote to Jerome Powell, the chairman of the Federal Reserve, and Megan Brennan, the Postmaster General of the United States Postal Service (USPS), in reaction to the announcement that the Federal Reserve is working to expand fast-payment U.S. infrastructure. In their letter, the members call on the Federal Reserve and USPS to expand postal banking services across the United States.
“Unfortunately, many Americans live outside the mainstream financial system. To ensure all Americans have access to FedNow, we urge the Federal Reserve and United States Postal Service to partner together to help reach Americans without means or access to mainstream financial services,” Reps. Pascrell and Ocasio-Cortez write.