 A public banking option as a mode of regulation for household financial services in the USThomas Herndon and Mark Paul Journal of Post Keynesian Economics, 2020, vol. 43, issue 4, 576-607 Abstract: The current financial system fails to adequately serve millions of consumers, resulting in widespread financial exclusion and consumer financial protections abuses. To address these problems, this paper proposes a public option in household financial services. A public option as a mode of regulation is defined as the government using the direct provision of services to households and intermediaries as a tool to regulate in the public interest. The public option explored would include two components. First, the federal government would create a public bank that directly provides households with basic transaction services and consumer credit. Second, the public bank would directly provide intermediaries with a service, through managing an online financial services marketplace where public products would compete alongside private products. A public option of this type would create the financial infrastructure required for universal service, as well as prevent consumer financial protection abuses through public-private competition. Date: 2020 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:43:y:2020:i:4:p:576-607 Ordering information: This journal article can be ordered from DOI: 10.1080/01603477.2020.1734462 Access Statistics for this article More articles in Journal of Post Keynesian Economics from Taylor & Francis Journals |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.