Rashida Tlaib Sounds Off On GOP's 'Incredibly Shameful' Effort To Block CFPB Cap On Overdraft Fees

2 days ago

During debate on the House floor, Rep. Rashida Tlaib (D-MI) spoke in opposition to a resolution that would overturn a Consumer Financial Protection Bureau rule capping overdraft fees.

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Transcript

00:00One's recognized for two minutes. Thank you so much Chairwoman. I think it's incredibly shameful

00:05that my Republican colleagues want to get the rule that capped most credit card late fees

00:10at just five dollars. Credit card companies over the people you represent, that's what you're

00:18choosing with this. Working families, as many of us know, are struggling with rising costs.

00:2460% of our residents that we represent live paycheck to paycheck. And to know this, when

00:31this all came about is because we found out, our country found out through investigation

00:36that credit card companies were building business plans where 50% of their profit came from late

00:44fees. So they basically build a business plan for overdraft fees. That's what they did. So

00:53now my colleagues right here want to overturn the rule that prevents the biggest banks.

00:57Think about this. This is not like small banks. This is the biggest banks from exploding, shamefully

01:03targeting the American people. I know overturning this rule will cost $5 billion annually. That

01:11average is about $225 per household that would have to pay the overdraft fees that many of

01:18these folks put business plans together on. Credit card late fees, Mr. Speaker, also widens the racial

01:24wealth gap and impacts and puts a heavy burden on some of the poorest communities. Working class

01:29folks, these are frontline workers. Gutting the overdraft rule is a slap in the face of the families,

01:35again, who are already struggling to make ends meet. This is raising the cost on families. When we

01:41don't put corporate, we don't check corporate greed. Again, these are credit card companies that you're

01:46all hollering about right now. I wish you would do that for people that are sick, can't afford the

01:51diabetes medicine right now or struggling right now with wage theft in their workplace. All these

01:55things that we could actually be fighting for for our families here, rising costs of groceries. But

01:59instead, we're wasting time advocating on behalf of credit card companies, not the people that we

02:05represent. With that, I yield back.

Rashida Tlaib Sounds Off On GOP's 'Incredibly Shameful' Effort To Block CFPB Cap On Overdraft Fees

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