Postal union chief calls for post office banking
Kevin Kosar, a senior fellow with the R Street Institute, says postal banking is an outdated idea, better left in the history books.
“The postal banking system was established back when private banks did not insure deposits,” Kosar said. “People put their money in the postal bank because it was safe. Congress created the Federal Deposit Insurance Corporation in 1933, and it guarantees customer deposits to private banks. By the time that Congress closed the postal bank, few Americans were using it.”