House Republicans Introduce Bill To Raise Your Banking Fees

With the apparent support of the Trump administration, House Republicans have introduced legislation that would end Biden's reduced banking fees.

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Joe Biden spent his entire presidency trying to lower costs for the American people. Whether it was lifesaving medications, excessive fees charged by airlines, or credit card fees and interest rates, Biden understood that all of those little fees added up to take a bite of the wallets of people who are trying to get by.

If anything, the mistake that the Biden administration made was working around the edges of issues to get things done quietly instead of loud splashy gestures that get attention.

Republicans, including Donald Trump, ran on lowering prices and costs.

They are doing the exact opposite.

The latest attempt to raise your prices comes from House Republicans who, as inflation is skyrocketing again, have introduced legislation to roll back the Biden cap on the fees that banks can charge.

According to a joint press release from House Finance Committee chair Rep. French Hill (R-AK), and Senate Banking Committee Chair Sen. Tim Scott (R-SC):

House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Biden Administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule’s impact on access to important financial services and reiterated that lawful and contractually agreed upon payment incentives promote financial discipline and responsibility.

Republicans are promoting “financial responsibility” by allowing banks to charge exorbitant overdraft fees.

People who incur overdraft fees usually don’t have money. Hence, the reason why their account gets overdrafted. A person might pay some bills, and then their paycheck or Social Security check direct deposit is late.

That person wasn’t being financially irresponsible, but according to this proposed legislation, they deserve to be excessively punished.

It would be easy to suggest that Republicans are the party of the wealthy and corporations, and while that is true. Policies that punish people who are struggling to survive because they tap into cultural attitudes that we will discuss below.