Dems also caught in group chat mistake
and an interview with Senator Tim Scott
Dems discuss group chat fiasco in group chat
Interview: Senator Tim Scott
FB: The Senate just passed a bill that would repeal bank overdraft fees at $5. Why?
TS: This is America - the freest most prosperous nation that ever existed. But you cannot truly be free if you have limits.
That applies to term limits for U.S. Senators, term limits for the President and limits on bank overdraft fees.
FB: Are you concerned that repealing this Biden-era law will transfer money from hard working families to banks’ coffers?
TS: Well I’m not concerned at all about that because banks are corporations and corporations are people.
So really we’re just money moving from one person to another. It’s a game of musical chairs. But with money.
FB: So you have no problem with a single mom working at Walmart being charged $30 for going into her bank overdraft?
TS: It’s not about what I think. It’s about what the American people think. And Americas love freedom.
Right now all banks are capped at $5 overdraft fees. But once we repeal this draconian law from the criminal Biden regime, overdraft fees will be unlimited.
This will create competition among banks in terms of the overdraft fees they are. This will give American consumers more choice in terms of who they bank with.
So really we are rewarding Americans with more choice by undoing overdraft fees.
FB: But the top 4 banks have around 50% of all deposit. That doesn’t sound like much choice to me.
TS: Exactly, the industry is too concentrated. But once banks can compete on overdraft fees, it will become much more competitive which is what consumers want.
Under my plan, Americans will be able to choose between $30 overdraft fees at Citi, $35 at Chase, $40 at Wells Fargo and $1776 at Bank of America.
God bless Bank of America for being so patriotic about the overdraft fees that they charge.
FB: Are you at all concerned about voter backlash? There’s a risk that this hurts ordinary Americans and they vote against you or your party.
TS: That won’t be a problem because the next piece of legislation I want to introduce will limit voting to Americans who have never been overdrawn.
3 things to look for next week
Zelenskyy buys U.S. weapons from Walmart
Meghan Markle complains that she doesn’t have veto power at the UN
Mississippi passes a bill allowing toddlers to work at factories