Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of this joint resolution of disapproval. Today, we can protect consumers and ensure continued access to financial services by voting to nullify the Consumer Financial Protection Bureau's disastrous rule on overdraft fees. In a time burdened by the 40-year-high inflation, when many middle- and low-income households are living paycheck to paycheck, ensuring Americans have access to affordable credit has never been more important. Overdraft protection is an optional service that financial institutions provide to help consumers avoid having purchases declined. Instead of the transaction being denied, the bank or credit union charges a flat fee to cover the check on behalf of that consumer. It lets that purchase proceed. It lets that payment to a utility company proceed. It lets that payment for an important rent or mortgage company to proceed, thereby allowing American families to take care of essential needs like that mortgage payment, rent payment, groceries, or gas before their next paycheck arrives. Over the last decade, competition has driven financial institutions to lower their overdraft privilege fees to retain customers. Innovation has made accidental overdrafts less likely as many financial institutions now offer low balance alerts, automatic transfers from savings, and other tools to help consumers avoid being in overdraft and better manage their financial cash flow.…”