Political Quotes

“Mr. Speaker, the Bureau's overdraft rule would implement government price controls over a product that has proven necessary for consumers to make day-to-day purchases. Today, Congress has an opportunity to invalidate this Biden-era rule that, if implemented, would severely impact community banks and local credit unions by restricting the services they can offer, while at the same time depriving millions of Americans of an important financial safety net. According to a 2024 survey, consumers stated that they use overdraft services because they lack credit alternatives. Taking away this backstop, which Americans say they use when in a pinch for food, utilities, and transportation, only further limits the financial options that they have available to them. According to a New York Fed study--not exactly a conservative institution, I will tell you that--entitled, ``Who Pays the Price? Overdraft Fee Ceilings and the Unbanked,'' the New York Fed says: ``Overdraft fee caps hinder financial inclusion. When constrained by fee caps, banks reduce overdraft coverage and deposit supply, causing more returned checks and a decline in account ownership among low- income households.'' {time} 1345 Mr. Speaker, I happen to know that because I have represented some of the poorest counties in the State of Michigan in my time in Congress. This is a valuable tool those on the lower end of the economic rung use.…”