Summary:
The Senate voted Thursday to strike down a rule capping most bank overdraft fees at $5, a measure adopted late last year by the Consumer Financial Protection Bureau that had been expected to save Americans billions of dollars per year.
Senator Josh Hawley, Republican of Missouri, was the lone Republican to oppose the resolution, which passed on a nearly party-line vote, 52-48. It will now move to the House, where Representative French Hill, the Arkansas Republican who leads the Financial Service Committee, introduced a parallel resolution last month.
The rule would have limited the fees banks and credit unions could charge when customers spend more than they have in their accounts, typically $35 per overdraft. The bureau estimated it would save American households $5 billion a year. It was immediately challenged in court by banking trade groups.
Personal opinon:
Call your bank and tell them to turn off overdraft protection now.
Pretty sure it was Ezra Klein on the weekly show podcast with Jon Stewart. He went into detail about how even just distributing the funds for the broadband bill was just this Kafka-esque insane seven year process of infinite subcommittees and public review processes, and that was what Democrats wrote for themselves; it wasn’t made that way by Republicans to make it shitty, Dems happily blew their own feet off by making the bill’s workings as tortured and slow as possible.