New Bill would Make Post Offices Banks and Wipe Out Payday Lending

A new bill from Senator Kirsten Gillibrand (D-NY) would turn post offices into banks by taking deposits and making loans; The Postal Banking Act would make the 30,000 post offices turn into bank branches and help provide low cost, basic financial services to all Americans;  the aim of the bill is to expand financial services to people who do not much access to banks and help to reduce their dependency on payday lenders who charge exorbitant fees. Source