Political Quotes

“Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, I thank my friends on this side of the aisle who have worked hard today, Mr. Speaker, to convince everybody in this body that this is a serious overreach by the CFPB in a Federal price mandate. Instead of letting consumers choose their financial institution and choose which one has the lowest overdraft fees and the best consumer accounts, instead we have the Federal Government trying to tell people what the price can be. It is Federal price-fixing. What the opposition has argued today is that these fees are hidden. They are not. Consumers opt into this product, Mr. Speaker. They know what the fee is because it is disclosed to them. It is required by Federal law today to disclose it under regulation DD. This is about access for overdraft protection. One of my colleagues called it overdraft protection insurance so that they don't make a mistake and miss a mortgage payment, a rent payment, or a utility payment that causes higher costs, higher fees, and higher interest rates. Two-thirds of consumers support overdraft protection products. Two- thirds of consumers think a reasonable fee is appropriate. Competition has brought down fees for years. In fact, many large banks don't even charge for overdraft protection. The assertion that consumers complain about this all the time, Mr. Speaker, I am sorry, I don't find the evidence to that.…”