April 21, 2020

Vox: Exclusive: Elizabeth Warren and Sherrod Brown’s plan to protect consumers from financial ruin

Congress has an opportunity to go big in the next coronavirus package, including protecting people from being crushed by debt.

The $1,200 stimulus checks from the government have quite a loophole. Banks and loan sharks can seize the money before it lands in your account — a wrinkle that favors debt collectors over the vulnerable people the checks are supposed to help.

Sens. Elizabeth Warren (D-MA) and Sherrod Brown (D-OH) are calling for Congress to put a stop to it in the next coronavirus package out of Capitol Hill.

The plan is part of a broad set of proposals, shared exclusively with Vox, that the pair of senators are releasing on Tuesday to help consumers manage debt — be it mortgages and rents, student loans, credit card debt, or auto loans — during the coronavirus crisis and accompanying economic downturn.


Read the full article on the Vox website here

By:  Emily Stewart
Source: Vox