Republicans Want to Increase Overdraft Fees
Imagine for a moment you have been elected as a member of the House or the Senate, whether in your state or Congress. What would you focus on with this newfound ability to make changes in everybody’s lives? What good would you do with the power you now hold as a member of Congress? Would you increase bank overdraft fees?
Updated on April 14, 2025.
Maybe I am naive, but I always thought the purpose, moral, ethical, and legal obligation of members of Congress and the legislature was to protect their citizens. I thought citizens voted and put members of Congress in office. I had no idea that corporate entities voted. I thought politicians had to do what was best for their constituents.
Why Do Republicans Want You to Pay More in Banking Overdraft Fees?
So, if you were a member of the Senate or the House, would you seek to remove legislation passed by the President Biden administration that caps bank fees and overdraft charges at $5 and increase it to $35? Well, that is exactly what Republican Senator Tim Scott from South Carolina, the Senate Banking Committee Chairman, and Arkansas Republican and Committee Chair French Hill of the House Financial Services Committee are hoping to do.
I honestly have no logical explanation as to why a senator would want to increase the cost for the citizens of their state, if not the country, so that banks earn billions of dollars more in profits. Unless, of course, Senator Scott is looking to get into the banking industry if he fails to win reelection. He does earn a measly $174,000 salary as a member of Congress. Or, maybe he is paying back his donors?
According to OpenSecrets.org, Senator Scott has received more than $5 million since 2009 from the finance industry, so I guess if the banks can reap billions in overdraft fees, he has paid them back with interest.
Of course, Senator Scott, who is reportedly worth $8 million, is not going to be concerned about overdraft fees. The fact is that overdraft banking fees hurt most of those who cannot afford them and struggle financially, and live paycheck to paycheck.
That’s why, as a professor, I always ask my students in my bankruptcy law classes, “Who is your lobbyist?” The answer to that is simple: the Consumer Financial Protection Bureau (CFPB). Well, maybe not for long, as DOGE (The Department of Government Efficiency) looks to dismantle the CFPB since that was always in the crosshairs of Russell Vought, the architect of Project 2025 and now head of the Office of Management and Budget.
Of course, this is the same Project 2025 that President Trump has claimed endless times he had never heard of, but has a long line of members working for him. For a President who claims to have the best memory in the world, at times, he seems to suffer from selective dementia, I mean amnesia.
So, next time you vote, don’t choose your party over your self-interests. Do your research from credible sites, and do not take the word of the well-paid political talking heads on television or podcasters disguised as journalists who spew information contrary to your best interests. Unless you are one of those people who, as of recently, believe it is patriotic to pay more for things. If you believe that, I can refer you to a good bankruptcy attorney.
Contact Information for Senator Tim Scott
Midlands
1901 Main Street, Suite 1425
Columbia, SC 29201
Phone: (803) 771-6112
Fax: (855) 802-9355
Upstate
301 N. Main Street, Suite 1006
Greenville, SC 29601
Phone: (864) 233-5366
Fax: (855) 802-9355
Low Country
2500 City Hall Lane, 3rd Floor Suite
North Charleston, SC 29406
Phone: (843) 727-4525
Fax: (855) 802-9355
Washington D.C.
104 Hart Senate Office Building
Washington, DC 20510
Phone: (202) 224-6121
Fax: (202) 228-5143
To email Senator Scott, follow this link. Senator Scott’s website is accessible via this link.
Contact Information for Representative French Hill
Washington, DC Office
1533 Longworth House Office Building
Washington, DC 20515
Phone: (202) 225-2506/Fax: (202) 225-5903
District Offices
Little Rock Office
1501 N. University Ave., Suite 630
Little Rock, AR 72207
Phone: (501) 324-5941
Fax: (501) 324-6029
Conway Office
900 Oak Street
Conway, AR 72032
Phone: (501) 902-5733
Fax: (501) 324-6029
Open Tues and Thurs, 1-5pm CT
Representative Hill’s website can be accessed via this link.
Updated Information:
The Congressional Review Act has passed the House and Senate, and now it’s up to President Trump to sign it into law. Does this help the everyday family? No. Does it help corporate America take more money out of your pocket? Yes.
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