Disapproving the Rule Submitted By the Bureau of Consumer Financial Protection Relating to ``Overdraft Lending: Very Large Financial Institutions''

Floor Speech

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Ms. GARCIA of Texas. Mr. Speaker, I mentioned earlier that Democrats created a watchdog, the Consumer Financial Protection Bureau, to stop scams and protect everyday people. One of the most important things they have done recently: They capped bank overdraft fees at $5. If your account goes a few dollars negative and your check bounces, the bank cannot charge you more than $5. Most banks charge between $25 and $35. Again, the cap is $5.

Well, for some reason, the Republicans want to get rid of this. I don't know why. Maybe it is because their bank buddies like JPMorgan Chase made about $58 billion in profit last year, and $1 billion of that came from junk fees, just like the overdraft fee Republicans are now trying to allow banks to raise.

However, Republicans aren't worried about that. They don't worry about bounced checks because Republicans live in a different world, a world where banks win and families lose.

I urge my colleagues to vote ``no.'' Vote for people, not for banks.

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