Politicized Financial Regulation and its Impact on Consumer Credit and Community Development
Whether its restricting credit card late fees, overdraft fees, or nonsufficient fund (NSF) fees, the principles remain the same: price controls lead to shortages.
Chair Barr, Ranking Member Foster, and members of the Subcommittee, thank you for the opportunity to testify at today’s hearing. My name is Nicholas Anthony and I am a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives. The views I express in this testimony are my own and should not be construed as representing any official position of the Cato Institute.
Whether it’s when we are turning in a library book that fell behind the couch or paying off a credit card balance after hitting a rough patch, paying fees is never fun. But that alone is not enough to justify the government implementing price controls throughout the economy.