National Overdraft Plan Would Help More than Current Stimulus

Economist Arnold Kling proposed a national overdraft plan as an alternative to the current stimulus bill; every bank account would have a line of credit added at low interest based on the previous two months deposit activity; this would give people a real lifeline and keep the amount of defaults to lenders significantly lower than the current relief checks; Kling writes in the WSJ, “People and businesses that need to draw on the credit line can do so…[those] with no need for it will not use it.”; this idea would get money to those who need it quickly, younger consumers, women and people who are not working due to the crisis; the program would need to have some safeguards in place to ensure people use the money for the right reasons; Citizens Bank of Edmond is already piloting this idea with their customers and as Ron Shevlin of Cornerstone Advisors points out other banks could also act now. Forbes

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.