ABSTRACT

Inclusive Banking During a Pandemic: Using Fedaccounts and Digital Tools to Improve Delivery of Stimulus Payments, Hearing Before the Task Force on Financial Technology of the Committee on Financial Services, House of Representatives, One Hundred Sixteenth Congress, Second Session, June 11, 2020   [open pdf - 14MB]

This is the June 11, 2020 hearing on "Inclusive Banking During a Pandemic: Using Fedaccounts and Digital Tools to Improve Delivery of Stimulus Payments," held before the Task Force on Financial Technology of the Committee on Financial Services. From the opening statement of Stephen F. Lynch: "Americans without bank accounts receive their economic impact payments much, much later than those with bank accounts and direct deposit. And to make matters worse, many of those without bank accounts have had to pay check-cashing fees, exorbitant fees, once they did receive their checks. A family struggling to make ends meet, while not having access to bank accounts, is difficult enough in normal times. In times like these, it can be the difference between a refrigerator full of groceries and going to bed hungry. With all of our resources in this country, no family should have to experience hunger simply because they don't have a bank account. So today, we will hear testimony on ways to improve the delivery of direct benefit payments to Americans. FedAccounts, consumer accounts at the Federal Reserve, have the potential to provide free access to bank accounts for the millions of Americans currently without one, giving them immediate access to Federal benefits. Further, we will explore the ways in which new technology that many of us now use every day, such as the digital wallets on our phones, can improve inclusion and efficiency in programs like this." Statements, letters, and materials submitted for the record include those of the following: Mehrsa Baradaran, Christopher J. Giancarlo, Jodie Kelley, Morgan Ricks.

Report Number:
Serial No. 116-95
Publisher:
Date:
2021
Series:
Copyright:
Public Domain
Retrieved From:
U. S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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