Political Quotes

“Madam Chair, I rise in opposition to the amendment offered by the gentlewoman from Michigan. Not only is this amendment problematic, but as drafted, it is also unenforceable. Nowhere in Federal law is the term ``junk fees'' defined--not in our securities laws and not in this amendment. I know the Biden administration's financial regulators like to create new terms to advance the President's political agenda, but we shouldn't be making up new terms without defining them here in Congress. The companies impacted by this amendment would be equally in the dark. How can a company know if a given fee is so-called junk when neither the SEC nor the amendment can define it? Should they just charge no fees at all, potentially putting some firm out of business? The only fees Democrats seem to want to spare from this political crusade are those charged by the government itself. For example, the IRS charges fees to folks who pay their taxes late. I get it. No one wants to pay fees, but charging fees for a product or service is a normal part of doing business. Madam Chair, I urge my colleagues to oppose this amendment, and I reserve the balance of my time.”