{"id":1029297,"date":"2024-01-17T17:17:24","date_gmt":"2024-01-17T17:17:24","guid":{"rendered":"https:\/\/democrats.org\/?p=1029297"},"modified":"2024-05-23T19:57:08","modified_gmt":"2024-05-23T19:57:08","slug":"president-biden-announces-new-rule-to-hold-big-banks-accountable-save-hardworking-americans-3-5-billion-a-year","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-to-hold-big-banks-accountable-save-hardworking-americans-3-5-billion-a-year\/","title":{"rendered":"President Biden Announces New Rule To Hold Big Banks Accountable, Save Hardworking Americans $3.5 Billion a Year"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to the Biden-Harris administration\u2019s proposal to hold big banks accountable for saddling working families with overdraft fees, <\/em>DNC National Press Secretary Sarafina Chitika released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cToday\u2019s announcement is good news for hardworking families, as President Biden is taking on the big banks to cut junk fees and lower costs for Americans across the country. While President Biden takes on corporations trying to jack up costs and rip off the middle class, MAGA Republicans are cozying up to Wall Street and promising new tax handouts for the ultra-rich \u2014 and voters will hold them accountable this November.\u201d <\/p>\n\n\n\n

President Biden just announced that his administration will tackle big banks head-on for profiting off of hardworking families \u2014 proposing a rule that would end excessive overdraft fees. <\/strong><\/p>\n\n\n\n

Statement from President Biden<\/a>: \u201cWhen companies sneak hidden junk fees into families\u2019 bills, it can take hundreds of dollars a month out of their pockets and make it harder to make ends meet. That might not matter to the wealthy, but it\u2019s real money to hardworking families\u2014and it\u2019s just plain wrong.<\/strong> This is about the companies that rip off hardworking Americans simply because they can.\u201d<\/strong><\/p>\n\n\n\n

ABC News<\/a>: \u201cThe cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.\u201d<\/strong><\/p>\n\n\n\n

Business Insider<\/a>: \u201cThe Biden administration wants to save Americans $3.5 billion a year<\/strong> by making sure banks aren’t profiting too much off of overdraft fees\u201d<\/p>\n\n\n\n

\u201cTrying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee. If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially.\u201d<\/strong><\/p>\n\n\n\n

While President Biden works to lower costs for hardworking families, Trump\u2019s MAGAnomics agenda is all about benefiting the rich \u2014 which he has promised to double down on in a second term. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cDonald Trump\u2019s campaign team says the former president would prioritize cutting taxes for working-class families and small businesses if he returns to the White House. But privately, Trump has told allies that he is keenly interested in cutting corporate tax rates again, according to two people who have spoken with Trump in recent months.\u201d <\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/p>\n\n\n\n

The Guardian<\/a>: \u201cThey were billed as a \u2018middle-class miracle\u2019 but according to a new book Donald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/p>\n\n\n\n

And the rest of the 2024 field are no friend to working families, or their pocketbooks \u2014 they all want to make Trump\u2019s MAGA tax scam permanent.  <\/strong><\/p>\n\n\n\n

Haley<\/strong><\/a>: <\/strong>\u201c\u201cWell I think what I\u2019d like to see is us go back to what Trump had under the tax cuts under him \u2026 I was there.\u2019\u201d<\/p>\n\n\n\n

DeSantis<\/strong><\/a> on whether he\u2019d keep Trump\u2019s tax rates in place: \u201cThe current rates that are due to expire, we want to keep those rates in place.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cDeSantis<\/strong> voted in the US House in favor of the 2017 Trump tax cuts. He has proposed extending the lower individual tax rates before they expire in 2025.\u201d<\/p>\n\n\n\n

On the Hill, MAGA Republicans ignore junk fees while pocketing large contributions from the very companies saddling the hardworking families they were elected to represent with junk fees. <\/strong><\/p>\n\n\n\n

CNBC<\/a>: \u201cGOP lawmakers in the hearing criticized the Biden administration\u2019s push to eradicate \u2018junk fees,\u2019 largely regulated by the CFPB. Such fees constitute surcharges that companies levy for consumer goods and services.\u201d<\/p>\n\n\n\n

The New Republic<\/a>: \u201c\u2018Technically, junk fees don\u2019t exist, OK? That\u2019s a figment of Rohit Chopra\u2019s imagination,\u2019 Congressman Blaine Luetkemeyer told The New Republic on Monday afternoon. \u2018It\u2019s a made-up word for a made-up authority that he\u2019s got,\u2019 continued the Missouri Republican, referring to Consumer Financial Protection Bureau Director Rohit Chopra.\u201d<\/p>\n\n\n\n

\u201cOn the other hand, during his seven terms in Congress, Luetkemeyer has been on the take for millions in contributions from insurance, financial services, and utilities companies\u2014industries long known to saddle consumers with hidden costs and, to borrow a term, junk fees.<\/p>\n\n\n\n

\u201cLuetkemeyer is not alone in raking in campaign cash from industries that Chopra and the CFPB seek to regulate on behalf of American consumers. North Carolina GOP Congressman Patrick McHenry, the new chair of the House Financial Services Committee, has also raked in millions during his career in the House of Representatives from the industries over which his committee has direct jurisdiction: nearly $2.7 million from the securities and investment sectors, nearly $2 million from the insurance industry, and more, according to OpenSecrets.org.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the Biden-Harris administration\u2019s proposal to hold big banks accountable for saddling working families with overdraft fees, DNC National Press Secretary Sarafina Chitika released the following statement:  \u201cToday\u2019s announcement is good news for hardworking families, as President Biden is taking on the big banks to cut junk fees and lower costs for Americans […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1029297","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nPresident Biden Announces New Rule To Hold Big Banks Accountable, Save Hardworking Americans $3.5 Billion a Year - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-to-hold-big-banks-accountable-save-hardworking-americans-3-5-billion-a-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-17T17:17:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-23T19:57:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2024\/05\/War-Room-Master-Image.png?w=1024\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-to-hold-big-banks-accountable-save-hardworking-americans-3-5-billion-a-year\/\",\"url\":\"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-to-hold-big-banks-accountable-save-hardworking-americans-3-5-billion-a-year\/\",\"name\":\"President Biden Announces New Rule To Hold Big Banks Accountable, Save Hardworking Americans $3.5 Billion a Year - 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