Many surveys suggest Republicans are favored to win next month’s midterm elections, which may be why President Joe Biden recently unveiled a new crackdown on the charging of so-called “junk fees” by banks.
Yet that may prove to be a futile last ditch effort, though, as polling data shows Americans are more likely to trust the GOP when it comes to economic matters.
Biden says policy will provide “a little breathing room”
According to ABC News, Biden announced the initiative while speaking at the White House on Wednesday and explained it would target surprise overdraft fees and depositor fees.
Biden estimated that such a move will provide $1 billion worth of savings to consumers annually and give those who are struggling “a little breathing room.”
He pledged that the plan will “lower the cost of everyday living for American families, to put more money in the pockets of middle-income and working- class Americans and to hold big corporations accountable.”
“These steps will immediately start saving Americans collectively billions of dollars in unfair fees,” the president went on to promise.
Rohit Chopra serves as director of the Consumer Financial Protection Bureau, and he touted the change as well, with ABC News quoting him as saying, “This is real money back in the pockets of American families. It’s good for them, and it’s good for businesses that follow the law.”
Fox News noted that at one moment during his speech, the president called out airlines for imposing a “junk fee” in the form of charging extra for additional leg room, something he said unfairly singled racial minorities.
Poll shows a plurality of Americans trust the GOP to handle the economy
“Some airlines, if you want six more inches between you and the seat in front, you pay more money. But you don’t know it until you purchase your ticket, Biden said.
“Look folks, these are junk fees, they’re unfair and they hit marginalized Americans the hardest, especially low-income folks and people of color,” he added.
However, whether or not Biden’s junk fee plan will help Democrats gain traction with voters still remains to be seen.
An ABC News/Ipsos poll published last week found that a plurality of Americans believe Republicans are better suited than Democrats when it comes to handling inflation, gas prices, and the economy in general.