GOOD NEWS -Overdraft fees could drop to as low as $3 under new Biden proposal

If you've ever accidentally overdrawn your checking account, and don't have a protection plan in place- like an automatic transfer from your savings account,  then you know Bank Overdraft fees can be Expensive!! Typically, large banks charge $35 per transaction in the event of an overdraft. Based on research conducted by the Consumer Financial Protection Bureau, the average U.S. consumer pays over $250 annually on overdraft fees. NOW, the Biden Administration is trying to Cut those Overdraft Fees! Here's the story from the Associated Press.

Overdraft fees could drop to as low as $3 under new Biden proposal 

Associated Press, Jan 18, 2024

The cost to overdraw a bank account could drop under a proposal announced by the White House, the latest effort by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck. Read more.

Why this matters:

Overdraft fees have been a financial bonanza for the banking industry, with the Consumer Financial Protection Bureau estimating that banks collected $280 billion from the fees in the last 20 years. The banking industry is expected to fight the new regulation vigorously to protect the fee revenue.

CFPB research has shown that overdraft fees overwhelmingly impact the poor and households of color. Biden has made the elimination of “junk fees” one of the cornerstones of his administration’s economic agenda, while banks have argued that government regulations on overdrafts could cause them to eliminate the service altogether.

Good News! LEARN ABOUT: 7 Passed Laws That Help Everyone!

I put a LOT of work and research into today's blog to make it easy for YOU to understand 7 helpful pieces of legislation that were passed over the last 2 years.    **PLEASE Take the time to read this and share it** 

    This is how the government is supposed to work. Both sides coming together to make things happen to benefit the people throughout the country.   Today's GOOD NEWS blog is a list of them, followed by a summary of what they DO! - 

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According to NBC News,  President Biden has racked up more bipartisan legislative victories than nearly anyone expected two years ago. 

The list includes: 

1) Infrastructure Package  

2) CHIPS and Science Act, 

3) Large Expansion of Veterans Benefits in the PACT Act, 

4) Reauthorization of the Violence Against Women Act, 

5) Bipartisan Safer Communities Act 

6) Postal Service Reform Act 

7) Respect for Marriage Act

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WHAT DOES IT DO / WHAT ARE THE BENEFITS? 

1) Infrastructure Law- It makes our communities safer and our infrastructure more resilient to the impacts of climate change and cyber-attacks, with an investment of over $50 billion to protect against droughts, heat, floods and wildfires, in addition to a major investment in weatherization. new roads, bridges and other construction projects, basic materials, industrials and transportation.  it will add on average 1.5 million jobs per year for the next 10 years. 

2) The CHIPS and Science Act -  Lower Costs, Create Jobs, Strengthen Supply Chains, and Counter China. It has strengthened American manufacturing, supply chains, and national security, and invest in research and development, science and technology, and the workforce of the future to keep the United States the leader in the industries of tomorrow, including nanotechnology, clean energy, quantum computing, and artificial intelligence.

3) The PACT Act and Veterans Benefits- President Biden has signed into law over 25 bipartisan bills that address some of the most important issues facing veterans today, including the landmark PACT Act to address toxic exposures. On education, housing, and health care 

A) Since enactment, more than 137,000 toxic exposure-related claims have been filed and more veterans are now eligible for health care.

B) 31 new clinical sites will be opened and more providers hired to deliver the care. 

C) The Department of Defense (DOD) also announced updates to its policies related to burn pits – thereby decreasing exposure for troops in the future. 

D)  VA awarded $52 million in grants for 80 community-based organizations to deliver or coordinate suicide prevention programs and services for veterans and their family members. E) In July, 2022 the 988 Veterans Crisis Line went live to provide veterans and their loved ones an easy to remember number to help veterans in crisis.

F) The number of veterans experiencing homelessness declined by 11% between 2020 and 2022 – the largest decline in the last five years 

G)  The U.S.is on track to permanently house 38,000 veterans in 2022 alone.

H)  VA awarded $130 million to support programs to help veterans and their families find stable housing.**

4) Reauthorization of Violence Against Women Act - Biden wrote and championed the groundbreaking Violence Against Women Act (VAWA) as a U.S. Senator, landmark legislation that first passed in 1994.  In the nearly three decades since, he has worked with Members of Congress from both parties to pass legislation to renew and strengthen VAWA three times: in 2000, 2005, and 2013.

A) Increased funding for domestic violence and sexual assault services 

B) Reformed the military justice system to address sexual assault, harassment, and related crimes 

C) Ended forced arbitration for sexual assault and harassment

D) Directed action to protect students from campus sexual assault. 

E) Increased resources for survivors of crime, including gender-based violence. 

F) Prioritized the crisis of Missing or Murdered Indigenous People, including gender-based violence. 

G) Strengthened regional leadership on violence against Indigenous women and girls.

5) the Bipartisan Safer Communities Act  A) the first major legislation to address gun violence in nearly three decades B) New Innovation Agenda Will Electrify Homes, Businesses, and Transportation  C) Lower Energy Bills D)  Achieve Climate Goals

6) the Postal Service Reform Act - establishes the Postal Service Health Benefits Program, repeals the prefunding requirement related to Postal retirement benefits, makes reforms to nonpostal and postal services, among other things. 

 7)  Respect for Marriage Act - A) will give peace of mind to millions of LGBTQI+ and interracial couples who are now guaranteed the rights and protections to which they and their children are entitled. B) Establishes statutory authority for same-sex and interracial marriages and repeals provisions of law that once prevented any State or territory from being required to give effect to a same-sex marriage from another State or territory. C) The act allows the Department of Justice to bring a civil action and establishes a private right of action for violations.