Why the Fed Needs Public Banks

• Create $9 billion in revenue for the postal service, saving it from privatization;
• Protect low-income or rural families and communities from predatory lending; and
• Reestablish postal banking to provide basic, low-cost financial services to those who cannot access banks.

The third bill, HR 6422, "The National Infrastructure Bank Act of 2020," is modeled on Franklin Roosevelt's Reconstruction Finance Corporation, which funded the rebuilding of the US economy in the Great Depression of the 1930s. According to its advocates, HR 6422 will build or restore over $4 trillion in infrastructure and create up to 25 million union jobs, while being "revenue neutral" (not burdening the federal government's budget). The promise of HR 6422 and the model of the "American System" that inspired it -- the innovative banking systems of Alexander Hamilton, Abraham Lincoln and Franklin Roosevelt -- will be the subject of another article, coming out next on ScheerPost.

Next Page  1  |  2  |  3

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).