Do 40 Percent of Americans Have Less Than $400 in the Bank?

Minnesota Democratic Rep. Ilhan Omar claimed on Twitter Sunday that 40 percent of people in the United States have less than $400 in their bank accounts.

The claim also made recent appearances in comments by Sen. Bernie Sanders, an article published by Salon, and a National Interest article, among other media exploring the economic impact of coronavirus.

The 40 percent number seems to be pulled from the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2018, which found that 61 percent of Americans said they would be...