Outlaw junk fees on Wall Street transactions to protect families.

TLDR:

• Junk fees on financial transactions hurt working families and help Wall Street.
• The White House proposed banning certain fees that impose heavy costs on individuals.

Illinois Treasurer Mike Frerichs advocates for the banning of hidden junk fees on financial transactions that disproportionately affect working families and benefit Wall Street banks. The proposal targets fees charged when transactions are declined due to insufficient funds, resulting in hefty charges for individuals. These fees, which add up to billions collectively, exploit those who can least afford them. Frerichs urges Congress to prioritize the interests of hardworking Americans over the profits of Wall Street. The proposal aims to address the pervasive issue of hidden fees that burden families across the country and require urgent action to protect consumers.