Congresswoman Bynum Blasts Bill to Increase Overdraft Fees
“Every American should have the opportunity to participate in our economy – and not be on their knees when they do.”
Washington, DC – Today, ahead of voting against the bill, Congresswoman Janelle Bynum (OR-05) spoke in opposition to S.J.Res.18 – a bill that would overturn the $5 cap on overdraft fees for big banks and allow these banks to charge consumers $35 in overdraft fees. She emphasized that she would not vote to raise costs and that she’s committed to bringing down prices for Oregonians. She also spoke about the unfair penalty the bill poses to families as well as kids trying to learn financial responsibility.
You can watch the floor speech here and read the full text below:
“Mr. Speaker, Mr. Speaker, Mr. Speaker, my constituents are struggling with high costs and inflation. And more and more families are living paycheck to paycheck. And the supporters of this bill are trying to increase their fees? I can’t – and I won’t – get behind that. It’s out of touch.
And not only is that hurting our families but it’s also unfairly penalizing our kids who are trying to learn financial responsibility.
So you see, my son recently got a debit card – he’s 14 and he uses it for small stuff and things like buying PlayStation skins– Fortnite skins or whatever kids buy. If he accidentally spends more than he has, $35 in my opinion is too high of a penalty. The average American kid would have to work 5 hours at the federal minimum wage to get that back? I think that’s crazy.
Every American should have the opportunity to participate in our economy – and not be on their knees when they do.
I strongly oppose this resolution and I support the rule to cap overdraft fees at $5.”
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