Press Releases
Key House Republican Wants Biden Admin to Stop Rulemaking That Lowers Families’ Costs – But Admin Has Every Right
WASHINGTON, D.C. – Flying in the face of President-elect Donald Trump’s campaign promise to lower costs, a key House Republican, French Hill (R-AK), is demanding the Biden administration halt all financial rulemaking including the Consumer Financial Protection Bureau’s proposed rule capping overdraft fees charged by banking institutions and credit unions to as low $3 down from as much as $42 – an action expected to save consumers $3.5 billion or more in fees every year. Government watchdog Accountable.US urged the Biden administration to act within its authority and finish its work to bring down costs for American families and other efforts to improve lives.
Rep. Hill, who is in the pocket of the financial industry to the tune of millions, is hoping to become the next Chairman of the powerful House Financial Services Committee.
It didn’t take long for some Republicans in Congress to abandon the façade that they were interested in lowering costs for everyday Americans. Protecting profits of the MAGA Congress’ industry donors has been the real priority all along, no matter what it costs working people. The Biden administration has every right to use its authority to finish its rulemaking designed to cap industry junk fees that needlessly sap tens of billions of dollars from Americans’ wallets – and they should despite protests from MAGA Republicans in the pocket of corporations that abuse the practice.”
