President Biden Announces New Rule To Hold Big Banks Accountable, Save Hardworking Americans $3.5 Billion a Year

In response to the Biden-Harris administration’s proposal to hold big banks accountable for saddling working families with overdraft fees, DNC National Press Secretary Sarafina Chitika released the following statement: 

“Today’s announcement is good news for hardworking families, as President Biden is taking on the big banks to cut junk fees and lower costs for Americans across the country. While President Biden takes on corporations trying to jack up costs and rip off the middle class, MAGA Republicans are cozying up to Wall Street and promising new tax handouts for the ultra-rich — and voters will hold them accountable this November.” 

President Biden just announced that his administration will tackle big banks head-on for profiting off of hardworking families — proposing a rule that would end excessive overdraft fees. 

Statement from President Biden: “When companies sneak hidden junk fees into families’ bills, it can take hundreds of dollars a month out of their pockets and make it harder to make ends meet. That might not matter to the wealthy, but it’s real money to hardworking families—and it’s just plain wrong. This is about the companies that rip off hardworking Americans simply because they can.”

ABC News: “The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.”

Business Insider: “The Biden administration wants to save Americans $3.5 billion a year by making sure banks aren’t profiting too much off of overdraft fees”

“Trying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee. If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially.”

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

Washington Post: “Donald Trump’s campaign team says the former president would prioritize cutting taxes for working-class families and small businesses if he returns to the White House. But privately, Trump has told allies that he is keenly interested in cutting corporate tax rates again, according to two people who have spoken with Trump in recent months.” 

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

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

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”

And the rest of the 2024 field are no friend to working families, or their pocketbooks — they all want to make Trump’s MAGA tax scam permanent.  

Haley: ““Well I think what I’d like to see is us go back to what Trump had under the tax cuts under him … I was there.’”

DeSantis on whether he’d keep Trump’s tax rates in place: “The current rates that are due to expire, we want to keep those rates in place.”

Bloomberg: “DeSantis voted in the US House in favor of the 2017 Trump tax cuts. He has proposed extending the lower individual tax rates before they expire in 2025.”

On the Hill, MAGA Republicans ignore junk fees while pocketing large contributions from the very companies saddling the hardworking families they were elected to represent with junk fees. 

CNBC: “GOP lawmakers in the hearing criticized the Biden administration’s push to eradicate ‘junk fees,’ largely regulated by the CFPB. Such fees constitute surcharges that companies levy for consumer goods and services.”

The New Republic: “‘Technically, junk fees don’t exist, OK? That’s a figment of Rohit Chopra’s imagination,’ Congressman Blaine Luetkemeyer told The New Republic on Monday afternoon. ‘It’s a made-up word for a made-up authority that he’s got,’ continued the Missouri Republican, referring to Consumer Financial Protection Bureau Director Rohit Chopra.”

“On the other hand, during his seven terms in Congress, Luetkemeyer has been on the take for millions in contributions from insurance, financial services, and utilities companies—industries long known to saddle consumers with hidden costs and, to borrow a term, junk fees.

“Luetkemeyer is not alone in raking in campaign cash from industries that Chopra and the CFPB seek to regulate on behalf of American consumers. North Carolina GOP Congressman Patrick McHenry, the new chair of the House Financial Services Committee, has also raked in millions during his career in the House of Representatives from the industries over which his committee has direct jurisdiction: nearly $2.7 million from the securities and investment sectors, nearly $2 million from the insurance industry, and more, according to”