DailyPay Joins Leading Financial Services Companies, Advocacy Groups, and Nonprofits In An Effort for a Presidential Commission to Develop a U.S. Financial Inclusion Strategy
NEW YORK, April 27, 2022 /PRNewswire/ -- DailyPay, a leading technology company on a mission to create a new financial system that works for everyone, proudly joined the Aspen Institute Financial Security Program and a diverse coalition of almost 40 other mission-driven organizations and businesses in a letter to call for the establishment of a Presidential Commission on financial inclusion.
The goal of the letter released today is to create a Presidential Commission that will bring together public and private sector experts to establish a shared vision for an inclusive and sustainable economy.
"We are proud to stand with the Aspen Institute and forward-thinking financial services companies for this incredibly critical endeavor that will support an inclusive financial system for all Americans," said Matthew Kopko, Vice President, Public Policy, DailyPay. "Financial inclusion is baked into the DNA at DailyPay, a mission-driven company focused on helping American workers break free from the cycles of debt caused by predatory lenders and overdraft fees with our proprietary on-demand payroll technology platform."
Partnering with America's leading employers, DailyPay is working to support the financial wellness of millions of workers with the benefit of on-demand pay. With the power of choice and control over their already earned wages, workers may be able to avoid payday loans and overdraft fees and gain more control over their finances. With the DailyPay Balance, workers have transparency into how much they earn each day. This clarity may help people plan their financial lives.
"We are grateful to the leadership of the dozens of organizations who have signed the letter calling for the creation of a Presidential Commission to develop a U.S. Financial Inclusion Strategy," said Ida Rademacher, Vice President at the Aspen Institute and Executive Director of the Financial Security Program. "Profound gaps in access to and take-up of key financial services must be addressed for families to access the wealth and prosperity generated by the U.S. economy. A national strategy would help federal agencies and the financial services industry understand their roles in these persisting inequities, develop coordinated strategies, and create the tools necessary to build a more inclusive financial system."
A Presidential Commission would aim to create a national and interagency financial inclusion strategy. The letter calls for an approach to "Making sure that every person in America has easy access to safe and affordable bank accounts, payment tools, saving and retirement accounts, credit, insurance, and safety net programs when needed."
"We believe a Presidential Commission will help us translate our values of financial equity and justice for all working Americans," added Kopko.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system. Partnering with America's best-in-class employers, including Dollar Tree, Berkshire Hathaway, and Adecco. DailyPay is the recognized gold standard in on-demand pay. Through its massive data network, proprietary funding model, and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is building technology and the mindset to reimagine the way money moves, from the moment work starts. DailyPay is headquartered in New York City, with operations based in Minneapolis. For more information, visit www.dailypay.com/press.
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