In response to President Biden announcing new rules to cap credit card late fees, DNC Rapid Response Director Alex Floyd released the following statement: 

“President Biden is taking on credit card companies and lowering costs for hardworking families with this new rule to slash junk fees for millions of Americans. While President Biden remains laser-focused on bringing down costs and building an economy from the middle out, Donald Trump is campaigning on bringing back his failed MAGAnomics agenda that rigged the economy for the ultra-wealthy at the expense of the middle class. Americans are ready to back President Biden because they know he is fighting for Main Street while MAGA Republicans are only interested in cozying up to Wall Street.”

NEW: President Biden is continuing to deliver on lowering costs for hardworking families – and he will keep fighting to cut junk fees to make life better for every American. 

CNN: “Credit card late fees capped at $8 as part of Biden crackdown on junk fees”

“Federal 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.”

“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.”

Washington Post: “U.S. caps credit card late charges in new Biden crackdown on junk fees”

“The rules arrived as part of a suite of fresh federal efforts to promote competition and crack down on unfair or illegal pricing across the economy, which President Biden has blasted as one of the primary sources of rising costs facing American families over the past year.”

Newsweek: “Credit Card Fees Slashed for Millions of Americans”

While President Biden works to lower costs for hardworking families, Donald Trump’s MAGAnomics agenda is all about benefiting the rich — which he has promised to double down on in a second term. 

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

Trump is actively rooting for the U.S. economy to crash for his own political gain. 

Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”