Political Quotes

“Mr. Speaker, let me say that the gentlewoman from California knows my respect for her and her leadership on our committee, but there is no effort here to raise overdraft fees in this resolution. It is quite the contrast. All we are saying is we don't need the Federal Government having a price cap on a product that is a very competitive product, with many, many banks not even charging for overdraft protection. There is nothing hidden, Mr. Speaker, about fees on overdrafts. The Electronic Fund Transfer Act signed by this Congress made it clear decades ago that consumers must opt in to overdraft protection. Let me repeat that. Consumers select to do this. They shop for financial institutions online, down the street, whatever. They pick their credit union or bank to do business with. If they want overdraft protection to make sure that they are actually being protected on an extra payment or some bill they have between paychecks, they have it. It is completely spelled out. Regulation DD in the Truth in Savings Act requires financial institutions to provide that information. Clearly, customers opt in to it. Mr. Speaker, I promise you, I had it all through my early career when I couldn't make payments between paychecks. A young family, one income, lots of children, a lot of expenses, you do it. It is a good, prudent practice. As a community banker for decades, I can promise you families were smart about it. There is nothing hidden about it. It is fully present.…”