Rashida Tlaib: “I think it is incredibly shameful that my Republican colleagues want to gut the rule that capped most credit card late…”

“I think it is incredibly shameful that my Republican colleagues want to gut the rule that capped most credit card late fees at just $5. Credit card companies over the people we represent, that is what they are choosing with this. Working families, as many of us know, are struggling with rising costs. Mr. Speaker, 60 percent of the residents who we represent live paycheck to paycheck. Did you know when this all came about, it was because our country found out through investigation that credit card companies were building business plans where 50 percent of their profit came from late fees. They basically built a business plan for overdraft fees. That is what they did. Now my colleagues right here want to overturn the rule that prevents the biggest banks--think about this, this is not like small banks, this is the biggest banks--from exploiting, shamefully targeting the American people. I know overturning this rule will cost $5 billion annually. That averages about $225 per household that would have to pay the overdraft fees that many of these folks put business plans together on. Credit card late fees, Mr. Speaker, also widen the racial wealth gap. They impact and put a heavy burden on some of the poorest communities, working-class folks. These are frontline workers. Gutting the overdraft rule is a slap in the face of the families, again, who are already struggling to make ends meet. This is raising the costs for families when we don't check corporate greed.…”