In response to Donald Trump’s MAGA allies in Congress vowing to block President Biden’s actions to cap credit card late fees for millions of Americans, DNC Rapid Response Director Alex Floyd released the following statement: 

“Donald Trump’s allies are making it clear that they’re on the side of big banks and the ultra-wealthy while President Biden is fighting to bring down costs and end junk fees for hardworking families. Trump and his MAGA backers are running on an out-of-touch MAGAnomics agenda that already failed the American people once by letting billionaires pay less in taxes than our middle class for the first time ever – voters will not let Trump and his MAGA minions get another chance to rig the economy for the ultra-wealthy again.”

NEW: Donald Trump’s MAGA allies like Tim Scott are railing against President Biden’s actions that are lowering costs for hardworking families and slashing junk fees for millions of Americans. 

Bloomberg: “Trump Ally Tim Scott Seeks to Block Biden Credit Card Late Fee Cap”

“A key Donald Trump ally is seeking a Senate vote to block a new Biden administration rule capping credit card late fees, targeting a high-profile initiative in the president’s campaign to crack down on unpopular ‘junk fees.’ Senator Tim Scott, a potential Trump vice presidential pick and the top Republican on the Banking Committee, said Tuesday he would push the Senate to take action to block the new regulation, to be announced Tuesday at a meeting of the White House Competition Council.”

“House Financial Services Chairman Patrick McHenry of North Carolina also opposed the new rule in a statement … ‘The Biden Administration continues to weaponize financial regulators to play politics in an election year,’ McHenry said.”

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.”

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

President Biden’s actions to cut junk fees – including limiting credit card late fees – are overwhelmingly popular across the political spectrum. 

Data For Progress: “We also tested support for the Junk Fee Prevention Act, which would ban hidden or extra fees on items like cable and cell phone bills, apartment rental applications, and concert and sporting event tickets. We find that the proposal is overwhelmingly popular, with support from 77% of voters — including 81% of Democrats, 78% of Independents, and 72% of Republicans.”

Morning Consult: “A new Morning Consult survey shows Biden’s proposals have bipartisan support, with clear majorities of Democrats, Republicans and independents saying Congress should pass laws limiting these so-called ‘junk fees.’ Overall, about 3 in 4 Americans support the measures.”

Navigator Research: “More than three in five independents (64%) and Republicans (62%) support Biden and Democrats’ Junk Fees Prevention Act. … Even higher shares support their plan to lower limits on credit card late fees (74% independents, 68% Republicans).”

Global Strategy Group: “Costs remain Americans’ top concern, and most believe the Administration’s work to crack down on ‘price gouging’ and eliminate ‘hidden junk fees’ will lower costs for them. Two thirds (68%) say hidden junk fees are a growing problem, and 60% also believe ‘crack[ing] down on price gouging by banning hidden junk fees’ would be effective at lowering costs.”

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. 

Trump: “You’re all people that have a lot of money … You’re rich as hell. We’re gonna give you tax cuts.”

Washington Post: “Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law … Further cutting corporate taxes … would primarily benefit large firms.”

Bloomberg: “[Trump] intends to center his economic plans on extending and deepening the Republican tax cuts from 2017.”

Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”

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.”

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