Biden admin. aims to slash credit card late fees to $8
FOX NewsAUG 2022
Biden Admin. Announces Latest Crackdown on 'Junk Fees'
Image copyright: Alex Wong/Staff/Getty Images News via Getty Images
The Spin
Democratic narrative
The Biden administration continues to be a hero to consumers, who are now due to save billions of dollars. The White House is prioritizing easing the financial burden vulnerable people face, and reducing or eliminating unnecessary "junk fees" is a major part of this fight.
Republican narrative
This is classic government overreach by the Democratic administration. These regulations are going to cause the banking system problems, including reducing competition and disincentivizing people to pay their credit card bills on time. In an effort to bribe people for their votes, the White House is hurting both businesses and consumers.