Washington D.C. – New polling from Morning Consult shows the Biden administration’s efforts to crack down on abusive junk fees has strong public support including Republicans and independents – with nearly 3 in 4 Americans backing the effort. The survey turns up the heat on the MAGA House majority to act after President Biden called on Congress to pass the “Junk Fee Prevention Act” during last week’s State of the Union address.
In the most awkward position of all is Republican House Financial Services Committee Chairman Patrick McHenry, who has bashed the Biden administration’s pledge to tackle late fees from the credit card industry after taking over $1.1 million from industry groups opposed to the rule and the largest U.S. credit card issuers. McHenry has frequently attempted to sugar-coat such exploitive fees after banking over $9.2 million in contributions from industries regulated and overseen by the House Financial Services Committee, including the finance sector. This includes at least $722,500 from the three largest banks that made over $6.8 billion in overdraft fees in 2019 and the largest industry groups that have opposed the CFPB’s efforts to rein in overdraft practices plaguing consumers. McHenry’s defense of unpopular bank and service fees is only expected to get more brazen after the Chairman’s recent hiring spree of financial industry lobbyists and insiders.
The public overwhelmingly wants Congress to act on President Biden’s plan to rein in needless junk fees that nickel and dime hard working families. The MAGA House majority has a choice: work with the President to put billions of dollars back in the pocket of everyday Americans -- or keep making excuses for their big industry donors that leach off consumers and hold back the economy.”