Washington D.C. – Today, the American Free Enterprise Chamber of Commerce (AmFree Chamber) encouraged the U.S. Senate for passing S.J.Res. 18, a Congressional Review Act (CRA) resolution repealing Biden era overdraft rule issued by the Consumer Financial Protection Bureau (CFPB):
“Like so much of the Biden Administration’s overreach, this sweeping price control failed to consider the consequences for consumer, who stood to lose access to an important safety net,” said Gentry Collins, CEO of the AmFree Chamber. “Voluntary overdraft protection services provide a critical lifeline for millions who find themselves struggling to cover the costs of necessities like food, utilities and transportation. By forcing banks to offer their overdraft services at prices artificially dictated by Washington bureaucrats, this rule hurts consumers and financial institutions alike, and we applaud the U.S. Senate for acting swiftly on its repeal.”
When the CFPB issued its rule in December 2024, the Wall Street Journal editorialized, “Like the rest of the Biden Administration’s war on junk fees, the overdraft rule was hatched based on a foregone conclusion. By their logic, hardly any fees are justified, even for free checking. Regulators think every customer is a rube in need of their protection, and evidence is an afterthought.”
About the AmFree Chamber
The American Free Enterprise Chamber of Commerce (AmFree Chamber) is a trade organization representing American businesses of all sizes in all 50 states. It is dedicated to advancing the principles of free enterprise, free markets, limited government, and American leadership globally.
AmFree Chamber’s Center for Legal Action focuses on combatting administrative overregulation both through agency proceedings and in litigation and is led by former Trump Cabinet Secretary Bill McGinley.
AmFree Chamber has members representing dozens of industries and from across the United States. Since its founding in 2022, AmFree Chamber has aggressively represented its members’ interests through legislative outreach, regulatory comments, and judicial briefing.