This week, Mike Lawler and his extreme Republican colleagues on the House Financial Services Committee voted to help big banks and credit card companies keep costs high for everyday families.
Lawler voted to block the Consumer Financial Protection Bureau’s (CFPB) rule that caps credit card late fees to $8.
In a shocking display of just how out of touch House Republicans are with the needs of middle class Americans, the Chair of the House Financial Services Committee falsely claimed families actually want to pay higher fees.
Currently, banks can charge $30 for a first missed payment and $41 for each additional missed payment. According to the CFPB, around 45 million Americans are charged credit card late fees each year, generating nearly $14 billion in revenue for the big banks.
Congressional Democrats and the Biden administration are the only ones trying to stop House Republicans from raising costs for everyday families by capping credit card late fees, ending price gouging, and lowering junk fees.
DCCC Spokesperson Ellie Dougherty:
“Mike Lawler and House Republicans are inconceivably refusing to lower costs for everyday families. These out of touch extremists are prioritizing the needs of massive credit card companies and big banks rather than helping Lower Hudson Valley families.”
