Republicans actually voted FOR increasing credit card fees.1 GOP Chairman of the House Financial Services Committee, Rep. Andy Barr, even tried to convince the public that Americans like higher credit card fees.2
The Biden administration recently instituted a rule to place a limit on how much banks can charge consumers in credit card fees. This will make sure more money stays in the pockets of working Americans and out of the pockets of bank executives. But the GOP is trying to undo Biden’s fee cap.
The Biden administration’s rule to cap credit card fees is a check on the greed of big corporate banks and their CEOs. It’s also an effort to get rid of junk fees — excessive, unnecessary fees that deceive consumers to the benefit of credit card companies, hotel chains, airlines, Ticketmaster, and other big corporations.
President Biden is going up against Wall Street to end unfair fees, while the GOP is doing what their big corporate donors want.
Republicans are very clearly trying to pass legislation that benefits corporations like Citi, Bank of America, and Capital One rather than the average American. The GOP is trying to make people hand more money over to big banks, and we’ve gotta stop this.
Add your name: Support Biden’s fee cap against GOP repeal votes!
Thanks for taking action,
Joey and the team at Demand Progress
Sources:
- Bloomberg Law, “CFPB Credit Card Late Fee Rule Repeal Approved by House Panel,” April 17, 2024.
- More Perfect Union on Twitter, “House Republicans have voted against a Biden admin rule capping credit card fees…” April 18, 2024.
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