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The fight against post office banking.

A senior House Republican is asking Treasury Secretary Steven Mnuchin to ensure that any changes to the postal system explicitly prohibit postal banking.

“While the concept for postal banking is nothing new, it’s still a terrible idea,” Rep. Patrick McHenry (R-N.C.), vice chairman of the House Financial Services Committee, said, in a letter to Mnuchin. McHenry quoted a Brookings Institution student that found that postal banking would create a subsidy that taxpayers would have to absorb.

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David Baumann

Credit Union Times

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