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David Schweikert – who campaigned on lowering costs – voted last night for an extreme bill that would let big banks and credit card companies jack up fees for middle-class families.
Schweikert and the so-called moderate House Republicans repealed a federal rule that caps credit card late fees to $5 per transaction. With the rule gone, big banks can charge consumers whatever they want, and increase them as much as they want.
According to the Consumer Financial Protection Bureau (CFPB), around 45 million Americans are charged credit card late fees each year, generating nearly $14 billion in revenue for the big banks.
DCCC Spokesperson Viet Shelton:
“House Republicans like David Schweikert might be the only people in the country who are pro-junk fees. It’s nuts. His vote yesterday is just another scheme to screw over everyday families to fund trillions in tax breaks for the ultra-wealthy.”
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