[Congressional Record Volume 170, Number 66 (Tuesday, April 16, 2024)]
[Senate]
[Page S2758]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                            Credit Card Fees

  Mr. President, on credit card fees, last month, the Biden 
administration announced a new $8 cap on credit card late fees that 
would help millions of Americans save up to $10 billion a year.
  The Biden administration's push to cut down excess late fees is great 
news for the people who have been taken advantage of by the big credit 
card companies for years and years.
  But, now, if you can believe it, Republicans are pushing a bill to 
overturn the Biden administration's rule and let big credit card 
companies get richer at the expense of hard-working Americans. The 
Republican bill argues that even allowing big credit card companies to 
charge Americans absurdly high late fees will ``promote financial 
discipline and responsibility.'' Whose side are they on? It is hard to 
believe Republicans are actually trying to increase credit card fees.
  Let me say that again so all Americans can hear this. Republicans 
want to let big credit card companies increase credit card fees in the 
name of ``fiscal discipline and responsibility.'' Give me a break.
  By introducing a bill to block the Biden administration's rule, 
Republicans are doing the bidding of the big credit card companies and 
leaving the American people out to dry.
  Let me be clear: Democrats will not allow the Republicans' bill to 
become law.
  I yield the floor.
  I suggest the absence of a quorum.
  The ACTING PRESIDENT pro tempore. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.