The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars.
The resolution killing the rule, which passed the House 217-211, will now head to the White House for President Donald Trump's signature. Republicans argued that the “disastrous” regulation issued in the final days of President Joe Biden's term would have forced banks to stop offering overdraft protection altogether and made it harder for Americans to access credit.
