Prof. Norman Silber Publishes Post on Consumer Relief During the Coronavirus Crisis

Norman I. Silber, Professor of Law

In this post Professor Norman Silber and his co-author, Jeff Sovern, examine new ideas for Congress to help stimulate the economy during the current COVID-19 pandemic.


“For the next stimulus package, rather than sending tens of millions of checks to consumers, Congress would do better to strike at the economic crisis by using the existing lending mechanism, right in front of us, that more than three-quarters of us already possess: credit cards. We think that Congress should pass legislation which allow banks on a monthly basis to bill the government for, say, 70 percent of the interest charges on those cards, while requiring banks to defer monthly credit card payments for all consumer cardholders for the length of the coronavirus catastrophe, perhaps as long as six months. We suggest that the benefit be capped at something like $10,000 per consumer as those charges accrue.”

Read the full article on The American Prospect.