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 40 percent number seems to be pulled from the Federal Reserve’s Report on the Economic Well-Being of U.S.
It did not directly address whether respondents had $400 in their bank account.
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