This is disgusting... utterly disgusting...

The Treasury Department last week gave U.S. financial institutions the go-ahead to seize coronavirus stimulus payments to pay off individuals' outstanding debts, and one of the nation's largest banks is reportedly already taking advantage of the green light.

Consumer advocates warned about this possibility after Dayen revealed Tuesday that Ronda Kent, chief disbursing officer at the Treasury Department's Bureau of the Fiscal Service, told bankers in a webinar last week that "there's nothing in the law that precludes" financial institutions from seizing stimulus payments to pay off a person's existing debts.

The CARES Act explicitly gives Treasury Secretary Steve Mnuchin the authority to exempt the coronavirus relief payments from debt collection by banks, but Mnuchin—a former Goldman Sachs executive—has yet to exercise that authority despite pressure from Democrats in Congress and state attorneys general.

www.commondreams.org...

Then there is the 'oversight' issue...

The Congressional Oversight Commission, which I was appointed to by the Senate minority leader, Chuck Schumer, last week, is the only body that can investigate the decisions made by the Treasury and the Fed without interference from President Trump, who has already tampered with the two other oversight bodies the CARES Act created.

The public’s best hope is for Congress to quickly appoint the other four commissioners and let us get to work on the behalf of taxpayers, tracking the more than $2 trillion in lending that is already in the pipeline

www.nytimes.com...

Trump immediately threw the oversight provisions into question, writing in a signing statement Friday night that the new law contains “several provisions that raise constitutional concerns.″ Trump said a new inspector general intended to monitor spending under the law would not be bound by requirements to report to the Congress ”without delay.”

apnews.com...

www.axios.com...

Spin it anyways you like but it's still just another theft of public money for private gain.

I read somewhere it was only past-due child support that would be garnished.

??

It's all about the 4th Industrial Revolution.

The people & their businesses are not meant to recover from this. Those who haven't been rounded up and softly killed will be subject to a Universal Basic Income (which won't be enough to live on) which will in turn pathe the way for the new Digital Currency being pushed by Bedeco Economic Zone with the Rothschilds & Committee 300 at the helm.

I made a thead about this and the Admins here shadow banned it.

I was, up until last week, a Socialist - but since I woke up in a Communist dictatorship the other week (UK) I now see the dangers of Gloablist Socialism.

Hold on to your guns for dear life, my American cousins. They are coming for you AND your grandkids.

From Bloomberg...

On April 6, Bharat Ramamurti became the first person named to the Congressional Oversight Commission supposed to police the massive coronavirus relief fund. A former top staffer for Senator Elizabeth Warren, Ramamurti expected to have company -- the new law requires congressional leaders to appoint a five-member panel.

He’s still waiting.

As tens of billions of taxpayer dollars from the $2.2 trillion relief bill begin flowing out the door, Ramamurti remains the lone member appointed to the panel. With no colleagues, no staff, and no office, he’s had to rely on one of the few avenues he has to communicate with the public: his unverified Twitter feed.

“I’m eager for the commission members to be named and for us to get up and running,” he says.

“In the meantime, I’m trying to perform some oversight and use what tools I have available right now to start asking some basic questions.

Money is moving around in the blink of an eye and it’s not at all clear what it all means and who it’s helping.”

www.bloomberg.com...

Haven't even gotten to what the FED is doing without oversight. 4+ in who knows what and none of it to help working people.

edit on 16-4-2020 by FyreByrd because: (no reason given)

a reply to: FyreByrd

Not to spin it, but we're looking at default levels similar, if not potentially worse than those in 08'.

Now, the government isn't helping by incentivising loans with low interest rates... Which I've personally seen an uptick in unsolicited offers myself for new lines of credit...

We're in a really bad situation right now, one that I'd put blame on the government in a lot of ways. But I think the biggest problem in society is the perceived bigotry behind the notion of personal responsibility.

Yup, if you are in debt to the bank, they will do what they can to get back what you owe them. No one put a gun to your head and forced you to get a loan. I understand life sucks sometimes, but the only way we grow as a nation is if we go back to seeing personal responsibility as a civic duty. Maybe when we do that everything else will fall into place.

a reply to: FyreByrd

well.. outstanding debts is outstanding debts...
It is money that people would have to pay back at some point anyway.

the Japanese have a saying " the world is now in a mess" . And I believe it.

a reply to: CriticalStinker

No argument but there is just no foreseeable way to get back to what it used to be.

On topic: this has the same avenues as an income tax refund. If you are in default, the debt collector that has been authorized can seize the funds. It sucks but is not uncommon.

Ask anyone who has had to go through friend of the court.

a reply to: Borderlands

Yes, communism and socialism are to blame for privately owned banks stealing money from the poor and the state.

That makes a lot of sense.

I figured this already, by reading what couldn't be an issue, you can determine what can be an issue. If someone has a judgement against a person and that judgement was linked so they could take money from that person from their bank account, it is only protected up until the point it enters their bank account. Then it can be removed at that point using the settlement by the court to justify it. It can be seized for child support before the fact though.

Hospitals and collection agencies will get a high percentage of the stimulus money from people.

a reply to: VeeTNA

Treasury Offset Program (from .gov)

Economic Impact Payments:

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which, among other things, authorizes economic impact payments (also referred to as “stimulus payments” or “recovery rebate payments”) to eligible individuals. For details on these economic impact payments, please visit www.irs.gov/coronavirus.

I owe delinquent debt. Will my economic impact payment be offset?
The economic impact payments can be offset through the Treasury Offset Program (TOP) only to collect delinquent child support obligations that have been referred by the state to TOP.

How much of my economic impact payment can be offset to satisfy my delinquent child support debt?
Your entire economic impact payment can be offset, up to the amount of your child support debt.

Ruh roh

a reply to: FyreByrd

Do you guys agree that this show has the worst writers ever?

I mean its like they dont even care ,

Just piss away and call this "reality"

My nana would have come up with a more believable script than that dusty 200 year old illuminati playbook.

originally posted by: VeeTNA
I read somewhere it was only past-due child support that would be garnished.

??

Correct.

A garnishment is attached, usually, to a bank account (check one's) State laws...via court order.

Bankrupcy or a check and not via deposit into a garnished account stops such activity.

Bottomline...if you are garnished you owe no matter what or the sources...just watch your own back, pay attention and stay off tge radar You have a court order, you had a chance once now you must pay.

Avoiding the issue never solves ...


Mg

If the money is being used to pay off a debt, isn't that a form of debt forgiveness? Shouldn't that be applauded?

a reply to: missed_gear

Good tips for those in arrears for child support.

(I owe none. My kids are three decades grown, out on their own, owe no child support, and are being smart, careful, and responsible. They take it seriously.)

originally posted by: Edumakated
If the money is being used to pay off a debt, isn't that a form of debt forgiveness? Shouldn't that be applauded?

We've basically socialized some debt payoff... And people are mad.

Imagine that.

a reply to: Edumakated

If the money is being used to pay off a debt, isn't that a form of debt forgiveness?

Sorta, kinda I guess.

Shouldn't that be applauded?

Well, since it's bailing out the dead-beat parents, it's not so much of a "win", nor "forgiveness."

But I've wondered if student loans will be forgiven for those who owe but now work on the front lines in "essential businesses" and typically earn too little to even begin to pay off their massive debts to schools. That one would have an enormous impact on "recovery."

IYAM

a reply to: FyreByrd

Sounds a bit like robbing Peter to pay Paul , ouch

a reply to: DoctorBluechip

Sounds a bit like robbing Peter to pay Paul , ouch

More like indentured servitude, methinks.

a reply to: VeeTNA

Yes, good all is well, my last is in college.

I know people in arrears on child support alone, garnished and almost half the SS goes towards garnishments..

My point is you owe, you owe. Hire a lawyer or something because once a garnishment is ordered...you pay unless you fight.

Personally, I owe zero to this line of irresponsible debt; however, a close friend owed 72,000 principle. With interests over 30years intrest...can't sell a thing without the State coming. Think about that before complaing about "taking your stimulus", that has been established as owed.

Mg