kernals12
Banned
I already posted a thread about the Chicago Plan and am now going to discuss another widely proposed depression era banking reform. Starting in 1911, the US Post Office had a service called Postal Savings that offered banking services. It was popular with immigrants who had similar systems in their home countries. During the Depression, it was inundated by depositors who wanted a bank that was not going to fail since all its assets were in the form of treasury bonds. But, Postal Savings was limited. It did not offer checking accounts and it had an account limit of $2500. This was due to the lobbying by banks. They were happy with the government giving bank accounts to the working classes, who were deemed unprofitable.
So, it seems like a simple change would be to just have the Post Office be authorized to offer checking accounts and have no limits to its deposit sizes. No FDIC or Glass Steagall.
So, it seems like a simple change would be to just have the Post Office be authorized to offer checking accounts and have no limits to its deposit sizes. No FDIC or Glass Steagall.