Monday, January 29, 2024

I Bet McHenry's Got a Sweet Gig Lined Up for His Post-Congressional Career. Hell, He's Already Doing the Work!


Liz Zelnick, tracking the out-going Congressman from North Carolina, who knows a favor when he gets one:

House Financial Services Chair Patrick McHenry (R-N.C.) and Financial Institutions Subcommittee Chair Andy Barr (R-Ky.) have together taken over $1 million from just the 10 largest banks still charging overdraft fees (Accountable.US analysis).

So not surprisingly, McHenry and Barr are quick, like well-oiled quick, to denounce a new proposal by the Consumer Financial Protection Bureau to limit overdraft fees to as low as $3—a reform expected to save American families at least $3.5 billion a year. "One quarter of American consumers have been hit with an overdraft or non-sufficient fund fee in the past year," amounting to billions for the big banks. [Liz Zelnick]

New reporting in Politico Influence revealed earlier this week that “portions of a press release issued” by McHenry and Barr bore “a striking resemblance—and in several cases used identical phrasing—to a top banking trade group’s talking points about the overdraft rule.”

McHenry and Barr’s relationship with their financial industry mega donors is so close that they’re now literally copying and pasting talking points from banking lobbyists and trying to pass it off as their own.


No comments: