A federal agency’s plan to cap credit card late fees at $8 has outraged the financial services industry and further stirred up critics who assert that the Biden administration’s regulatory zeal has gone off the rails.
Complaints about regulatory overreach boiled over last month at a hearing when a committee in the GOP-controlled House held a hearing titled “Death by a Thousand Regulations.” Critics argue federal agencies are going too far on a range of fronts, from how they define privacy violations to what constitutes anticompetitive business behavior.
