[Madison, Wisc…] MacIver Institute CEO Annette Olson released the following statement following the Biden administration’s announcement of a new rule to expand the current government price controls on credit card late fees:
“Price controls always create winners and losers in the marketplace. For the Biden administration’s new price cap on credit card late fees, the winner will be the biggest banks in the country that can afford to absorb the losses they will incur from the policy.
“Wisconsinites will see their banking fees increase, minimum account balances rise, or worse — they will become unbanked altogether. Senator Ron Johnson has never been a fan of price controls, and we sure hope that he does everything he can to stop this lose-lose proposal for the residents of his state.”
.@JoeBiden‘s cap on credit card late fees is mired with unintended consequences. Less credit availability, higher transfer fees, larger minimum balances will all disproportionately hurt low-income Wisconsinites. #WIright
— MacIver Institute (@MacIverWisc) March 6, 2024
Read MacIver’s analysis on Biden’s new credit card late fees policy here.