Sanders, Gillibrand announcing Postal Banking Act

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Sen. Kirsten Gillibrand, D-N.Y. with Sen. Bernie Sanders, I-Vt., speaks at a gathering introducing the Medicare for All Act of 2019, on Capitol Hill in Washington, Wednesday, April 10, 2019. (AP Photo/Manuel Balce Ceneta)

WASHINGTON (NEWS10) — Sens. Bernie Sanders of Vermont and Kirsten Gillibrand of New York will hold a Facebook Live event, scheduled for 2:30 p.m. on Thursday, to announce new legislation: the Postal Banking Act.

The event will be a discussion and question and answer session about the specifics of the proposed measures. The senators’ camps say the Act has three prongs:

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

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