Senate Republicans plan to overturn the new Biden rule capping bank junk fees.

And guess who is leading the charge in the Senate to overturn that rule?

Senate Republicans are preparing to go on the record in favor of gouging Americans with sky-high “junk fees,” just months before a major presidential election where the economy will play a deciding role.

In a recent report in the American Prospect, reporter David Dayen delved into the GOP’s response to a new rule from President Joe Biden’s Consumer Financial Protection Bureau (CFPB) capping credit card junk fees at $8, helmed by Sen. Tim Scott (R-South Carolina). Scott — the Senate Banking Committee ranking member who is thought to be on the short list of potential running mates for former President Donald Trump — is leading the charge on a bill to scrap the rule. His one-page bill deems that the CFPB rule limiting junk fees “shall have no force or effect.”

Please do that Republicans. Keep shooting yourselves in the foot!

alternet.org