Andy Barr: “I thank my friend, Chairman Hill, for bringing this important resolution of disapproval to the House floor, nullifying…”

“I thank my friend, Chairman Hill, for bringing this important resolution of disapproval to the House floor, nullifying the Consumer Financial Protection Bureau's disastrous overdraft rule. Let me set the record straight, Mr. Speaker. This resolution of disapproval doesn't increase fees, as my friends on the other side of the aisle insinuate. In fact, what it does do is it invalidates a regulation that will take this critical lifeline away from many of my constituents. Indeed, for many families across this country, living paycheck to paycheck, overdraft services are a critical safety net. Without this service, necessities would become harder to obtain. Overdraft services are not a luxury. They are a lifeline. For my friends on the other side of the aisle to use incendiary language like ``shameful,'' I submit what is shameful is to take away this lifeline from our constituents. Consumers understand the costs associated with overdraft services, and they willingly opt in because they find value in the protection that it offers. They are not coerced. They make an informed decision, knowing that a small, predictable fee prevents far more severe consequences like a bounced check or late fees. It is a convenience that allows consumers to avoid the embarrassment of being turned down at the point of sale. Unfortunately, my Democrat colleagues refuse to recognize this basic truth, choosing instead to label overdraft products as predatory. Let me reiterate that point, Mr.…”