(this isn’t a highly debated issue, but it’s still a piece of legislation that make it harder for job creaters to create jobs)
Cashless Retailer Prohibition Act of 2019– This legislation (sponsored by the current Ward 8 Rep) prohibits business from going ‘cashless’, which forces all local companies to accept cash payments with only a few exceptions. It is intended to serve the ‘unbanked’, which is considered to be 8% of DC, and probably more in Ward 8.
What wasn’t mentioned in testimonies of the hearings was a major reason why people are ‘unbanked’, which is- some ‘unbanked’ folks have committed check fraud or other financial crimes, which made them blacklisted by financial institutions. Thankfully, some local banks offer ‘second chances’, which allow for people with records to open an account with reasonable restrictions. This allows them keep money in the financial system, which is a necessary financial tool for saving, investing, and building wealth (which is hard to do with cash).
Denying local companies to go cashless also discourages technological start-ups, and keeps DC rooted in the 80’s for point-of-sale transactions. Discouraging new and innovative businesses is, in my opinion, bad for the communities that need more employment and higher incomes.
