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There are so many unbanked people in the U.S. that I wonder whether local governments should step in to address the problem, because the private market has clea
by psychometry 8y ago
There are so many unbanked people in the U.S. that I wonder whether local governments should step in to address the problem, because the private market has clearly failed to serve these people.
- saagarjha 8y ago> There are so many unbanked people in the U.S. How many? > local governments should step in to address the problem What do you suggest they do?
- psychometry 8y agohttps://www.fdic.gov/householdsurvey/ https://www.fdic.gov/householdsurvey/ 8.4M unbanked people. A publicly-owned bank might do them a lot of good, especially in areas that are underserved by credit unions.
- anth_anm 8y agoIIRC they were trying to start a public bank in LA but they didn't get the votes.
- elektor 8y agoThey came close. The public banking movement is growing pretty quickly and there is a statewide bill in CA to allow for cities to establish one.
- WillPostForFood 8y agoYou can't open a bank account without a social security number. Pew estimates ~250,000 illegal immigrants in the Bay Area, so that's a big chunk of people right there blocked out of banking by policy. https://www.pewhispanic.org/interactives/unauthorized-immigrants-by-metro-area-table/ https://www.pewhispanic.org/interactives/unauthorized-immigr...