Majority Leader Schumer Floor Remarks On Republicans’ Attempt To Increase Credit Card Late Fees And Raise Costs For Americans

Washington, D.C. –  Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor on Republican attempts to overturn the Biden Administration’s rule on capping credit card late fees, and increase costs on Americans. Below are Senator Schumer’s remarks, which can also be viewed here:

Last month, the Biden Administration announced a new $8 cap on credit card late fees that would help millions of Americans save up to $10 billion a year.

The Biden Administration’s push to cut down excess late fees is great news for people who have been taken advantage of by the big credit card companies for years and years.

But now, if you can believe it, Republicans are pushing a bill to overturn the Biden Administration’s rule and let big credit card companies get richer at the expense of hardworking Americans.

The Republican bill even argues that allowing big credit card companies to charge Americans absurdly high late fees will “promote financial discipline and responsibility.” Whose side are they on?

It’s hard to believe – Republicans are actually trying to increase credit card fees.

Let me say that again, so all Americans can hear this: Republicans want to let big credit card companies increase credit card fees in the name of “fiscal discipline and responsibility.” Give me a break.

By introducing a bill to block the Biden Administration’s rule, Republicans are doing the bidding of the big credit card companies and leaving the American people out to dry.

Let me be clear: Democrats will not allow the Republican’s bill to become law.

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