In his persistent quest to buy his way back into the White House, President Biden continuously proposes new ideas funded by the taxpayer’s dime. Now, through a rule Biden announced in early March, he wants the credit card companies to cap their late and other fees at just $8. By his math, this could save Americans $10 billion per year.
Under new regulations with the Consumer Financial Protection Bureau, companies wanting to charge more than $8 will need to show cause for such high fees. As it stands, the average late fee cost is $32, which brings CC companies $14 billion per year.
Sen. Tim Scott spoke out about the results of slashing these fees. Specifically, he claimed it would end up in credit card companies turning around and targeting those already at risk. “It will decrease the availability of credit card products for those who need it most, raise rates for many borrowers who carry a balance but pay on time, and increase the likelihood of late payments across the board.”
He’s not just stopping there, though.
In the twilight of his term in office, Biden also wants to organize a unit to investigate illegal and unfair practices. Specifically, he wants to target the grocery, prescription drug, healthcare, housing, and financial services industries. From these industries, his panel of experts believes they can eliminate $20 billion of the $90 billion being wasted by consumers each year.
Odd how the Biden regime can find ways to save taxpayers money just in time for the election suddenly. This kind of shift from his insistence that we simply weather the storm of this inflation is a clear sign that he not only knows what’s been causing it but that he’s more than okay with allowing it to continue. Just as long as he can convince the naïve that he’s doing no wrong.
