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To: Treasury Secretary Steve Mnuchin
Stop the big banks from taking our stimulus money away
It is totally unacceptable for banks to take stimulus checks and apply them to private debts and garnishments. These checks are designed to help people pay rent and other bills, and keep our economy from collapse. The Treasury Department must order banks and debt collectors to stop taking people's stimulus checks in this way.
Why is this important?
This week millions of Americans should be getting their stimulus checks in their bank accounts. But some may never see that money -- because the Trump Administration is allowing big banks to take it away.
Congress excluded government debt from the stimulus checks, but did not explicitly ban private debt collectors and banks from seizing an individual's stimulus money and applying it to existing debts. Senators Elizabeth Warren and Sherrod Brown asked the Treasury Department to write rules banning banks and debt collectors from taking the stimulus checks away from Americans. The American Prospect revealed that the Treasury Department is telling banks they can seize those checks.
We cannot allow Wall Street and the big banks to undermine these desperately needed economic stimulus funds. This money is designed to help people pay their rent and put food on the table. We have to stop the banks from taking that money away from people who need it.