On Jan 27, the Office of the Inspector General for the USPS issued a white paper which explored providing basic financial services like check-cashing and interest-bearing savings accounts at Post Offices under the USPS' existing legal authority.
Though access to financial services is an important component of economic mobility, nearly 68 million Americans have limited or no access to financial services. These Americans often rely on predatory businesses like payday lenders and check-cashing stores.
Offered at even 10% of the fees typically charged by such businesses, the cash-starved USPS could generate $8.9 billion in profit, create jobs, and reduce inequality by saving the average underserved household nearly $2000/year.
The President should direct the USPS to provide such services.