{"id":1035391,"date":"2024-06-11T20:08:00","date_gmt":"2024-06-11T20:08:00","guid":{"rendered":"https:\/\/democrats.org\/?p=1035391"},"modified":"2024-06-12T00:11:21","modified_gmt":"2024-06-12T00:11:21","slug":"president-biden-announces-new-rule-helping-millions-of-americans-with-medical-debt","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-helping-millions-of-americans-with-medical-debt\/","title":{"rendered":"President Biden Announces New Rule Helping Millions of Americans with Medical Debt"},"content":{"rendered":"\n

In response to the Biden-Harris administration\u2019s latest announcement on banning medical debt from affecting credit reports, <\/em>DNC National Press Secretary \u2068Emilia Rowland\u2069 released the following statement:<\/em><\/strong><\/p>\n\n\n\n

\u201cFor the millions of Americans whose credit and financial security is impacted by medical debt, President Biden\u2019s announcement today will mean families can finally afford to move into a new home or apartment, entrepreneurs can build the small businesses they\u2019ve dreamed of, and students can continue their education without being weighed down by bad credit. While President Biden takes on medical providers and debt collectors trying to jack up costs and rip off the middle class, Trump and MAGA Republicans are promising new tax handouts for the ultra-rich building on Trump\u2019s tax scam. Biden\u2019s latest move to help folks boost their credit scores and in turn, qualify for better rates to buy homes, cars, and lower insurance premiums is the latest in a growing list of actions by the Biden-Harris administration to cut costs for Americans \u2013 from taking on the big banks by cutting junk fees to beating Big Pharma and capping medication costs. Voters know that President Biden is fighting for the middle class, and will continue the fight for the next four years when he is reelected.\u201d<\/p>\n\n\n\n

President Biden just announced medical debt will no longer affect credit reports.<\/strong><\/p>\n\n\n\n

ABC News<\/a>: \u201cIn a sweeping change that could improve millions of Americans\u2019 ability to own a home or buy a car, the Biden administration will propose a rule Tuesday to ban medical debt from credit reports.\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cRoughly 15 million Americans have medical bills on their credit reports, according to a study released in April by the CFPB. The figure used to be significantly higher \u2014 the agency in March 2022 found that medical bills appeared on about 43 million credit reports \u2014 but major credit bureaus voluntarily adopted limits on which medical bills were included in reports. <\/p>\n\n\n\n

[…]<\/p>\n\n\n\n

\u201cPeople affected by medical debt disproportionately live in the South or in low-income communities, according to the CFPB.\u201d<\/p>\n\n\n\n

NBC News<\/a>: \u201cThe administration calculates that if implemented, the rule would raise affected individuals’ credit scores by an average of 20 points, and could lead to the approval of approximately 22,000 additional mortgages every year as a result of the cleaned-up credit reports.\u201d<\/p>\n\n\n\n

President Biden is fighting for the American people by cracking down on junk fees and taking on the big banks.<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cCredit card late fees capped at $8 as part of Biden crackdown on junk fees\u201d<\/strong><\/p>\n\n\n\n

\u201cFederal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees.\u201d<\/strong><\/p>\n\n\n\n

\u201c<\/strong>The Consumer Financial Protection Bureau estimates the new regulation, first proposed last summer, will save families more than $10 billion a year by cutting fees from an average of $32.\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

Meanwhile, MAGA Republicans in Congress are ignoring junk fees and pocketing large contributions from the same companies saddling hardworking families 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\n\n\n

REMINDER: While President Biden works to lower costs for hardworking families, Donald Trump\u2019s MAGAnomics agenda disproportionately benefits ultra-wealthy corporations \u2013 which he has promised to double down on in a second term. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law \u2026 Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201c[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.\u201d<\/strong><\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to the Biden-Harris administration\u2019s latest announcement on banning medical debt from affecting credit reports, DNC National Press Secretary \u2068Emilia Rowland\u2069 released the following statement: \u201cFor the millions of Americans whose credit and financial security is impacted by medical debt, President Biden\u2019s announcement today will mean families can finally afford to move into a […]<\/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-1035391","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nPresident Biden Announces New Rule Helping Millions of Americans with Medical Debt - 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-helping-millions-of-americans-with-medical-debt\/\" \/>\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=\"2024-06-11T20:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T00:11:21+00:00\" \/>\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-helping-millions-of-americans-with-medical-debt\/\",\"url\":\"https:\/\/democrats.org\/news\/president-biden-announces-new-rule-helping-millions-of-americans-with-medical-debt\/\",\"name\":\"President Biden Announces New Rule Helping Millions of Americans with Medical Debt - 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