Here's how you could get your second stimulus check faster:
the $500-per-child payment they were expecting to receive with their one-time $1,200 payment per adult.
Someone waiting to access their annual tax return, for example, might find this to be an inconvenience, but not a huge obstacle. But in the case of stimulus payments, it can put a major delay on funds that are seen by many as a lifeline for out-of-work and otherwise struggling Americans during the pandemic.
The Fed has the authority to make the change. But some legislators have also urged Congress to authorize an update to the rule. The Payment Modernization Act of 2019, introduced last July by Sens. Chris Van Hollen and Elizabeth Warren alongside Reps. Ayanna Pressley and Jesús “Chuy” García , aims to update the Federal Reserve operations to create a national real-time payment system.
But establishing the FedAccounts system, complete with debit cards and online banking services, would take considerable time and support. Plus, it would require coordination with the—the bill specifies would provide banking services and access to ATMs for participants with limited access to Federal Reserve Bank branches.
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