March 5, 2024, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to the Consumer Financial Protection Bureau’s latest regulation on credit card late fees:
“President Joe Biden has decided that the economic distress caused by his economic policies which have led to 45 million people paying credit card late fees each year as they struggle to get by, needs to be blamed on someone, so his proxy, the Consumer Financial Protection Board (CFPB), has finalized a regulation to put the cost of non-payment of credit card debt on the backs of those very bankers who have borne the brunt of last year’s bond crisis. The net effect of this ill-conceived regulation will be more people will choose credit card delinquency as the insignificant late fee will actually encourage a choice to pay a different bill from the stack in this higher cost and less pay Bidenomics economy.
“Three things that are consistent within the Biden presidency: he will always try to find a way to buy voters’ favor without regard to the consequences, his decisions invariably either make a bad situation worse or create a crisis where none existed before, and it will always be someone else’s fault when his schemes fail.
“The fact that the supposedly extremely powerful, supposedly independent, CFPB is acting in lock-step with Biden’s political vote buying tactics should be a wake-up call to Congress and the Supreme Court who still cling to the illusion that the Agency is free of political influence.”
For media availability contact Americans for Limited Government at media@limitgov.org .
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