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WASHINGTON, DC — In their latest affront to consumers on behalf of their industry donors, Senator Tim Scott (R-SC), U.S. Rep. Andy Barr (R-KY) and U.S. Rep. Andy Ogles (R-TN) have introduced or are planning to introduce Congressional Review Act resolutions to block the Consumer Financial Protection Bureau’s (CFPB) new rule capping credit card late fees at $8 which reportedly could come up for a vote in committee as early as April 17. A new analysis from government watchdog Accountable.US found these Republican lawmakers have taken at least $1.2 million in campaign contributions from industry groups opposed to the rule and the largest U.S. credit issuers, including $160,000 which came after the rule’s initial February 2023 introduction. 

Despite industry spin, the CFPB’s exceptionally popular rule would save millions of Americans $220 per year on average, a total surpassing $10 billion across the nation annually, and would be a significant step towards alleviating crushing credit card debt plaguing American families. These Republicans’ efforts come even as new polling showing more than four in five Americans want Congress to support capping credit card late fees. 

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These MAGA lawmakers are once again serving their big bank mega-donors by doing everything in their power to keep credit card late fees as high as $41. Their scheme is all about allowing big banks to continue nickel and diming everyday families to maximize already near-record industry profits. These Republicans in Congress should be more concerned about their constituents who will see lower costs, and not about further enriching banking industry CEOs and lobbyists.”

Accountable.US’ Liz Zelnick

Industry Connections Fueling This Review: Both Rep. Barr and Sen. Scott have come under fire for their close connections to the shady financial industry. 

Rep. Barr’s frequent and hostile rhetoric against the Consumer Financial Protection Bureau makes clear he would destroy the agency if given the chance, leaving millions of families more vulnerable to financial industry scams and abuse. Even before introducing this review, Rep. Barr has repeatedly pushed legislation to “rein in” what he called “the largely unaccountable” Consumer Financial Protection Bureau and to help mortgage lenders “circumvent” certain consumer protections.

Over the course of his career, Rep. Barr has accepted over $6.8 million from the financial industry, far more than he has taken from other sectors.

Sen. Scott has similarly worked to deregulate the financial industry while taking millions from the industry’s biggest players. Even before filing for review, Sen. Scott questioned the validity of fee caps, echoing industry talking points while defending excessive fees. 

Sen. Scott has been fighting for higher fees for a long time. After opposing a national 36% interest rate cap on consumer loans, he later argued the Bureau “‘lacks transparency and seeks to operate beyond its jurisdiction.’” 

Learn more about Sen. Scott and Rep. Barr’s anti-consumer crusade via The ‘MAGA Economics’ Project by Accountable.US. 

 

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