Cares Act 2 DELAYED: Stimulus Checks Update and New Fed Rule Explained

Cares Act 2 DELAYED: Stimulus Checks Update and New Fed Rule Explained

Congress just delayed Cares Act 2. The federal reserve made a big change to how banks work. And will tenants get free rent in the next stimulus? We're answering all those questions on today's show.

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Congress just announced that they will not return to Washington next week to vote on Cares Act 2. The Capitol attending physician Brian Monahan said no way to coming back to Washington as COVID-19 infections continue to rise there. There was hope the next Cares Act would be ready for a vote by next week. That's not going to happen.

Also we're talking about the new federal reserve rule "Regulation D" which is a huge change for all banks. It’s a federal law that prevents the consumer, from making more than 6 withdrawals or transfers from savings accounts OR money market accounts per month.

These rules were in place to protect the banks so that they could have enough money in their system to meet minimum money or β€œreserve requirements.” The federal reserve is now allowing all banks to get rid of the 6 per month withdrawal and transfer limit. This will allow for more freedom to pay with, and move your money across accounts without being penalized.

However, when you read the fine print you'll notice that the FED does not require the banks to play nice with this new rule. So that means the banks can ignore it if they want to and stick to the six transfer limit.

The second stimulus proposal for the CARES Act is now in phase 3.5, and some of the proposals include free rent, and $2,000 for each and every person in the United States ages 16 and older. You can also be claimed as a dependent, not have a social security card, or even be a citizen. After that, you will be given a DEBIT card, where the government will deposit $1,000 stimulus money each and every month for up to 1 year after the illness is over.

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Cares Act 2 DELAYED: Stimulus Checks Update and New Fed Rule Explained backup