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This section captures a floor statement or debate entry. It mentions legislation such as Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to withdrawal of the rule relating to "Consumer Financial Protection Circular 2024-05: Improper Overdraft Opt-In Practices"., members such as Christopher Van Hollen.
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May 13, 2026
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Download official Senate Record PDFReturn to issue contextPROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5,
UNITED STATES CODE, OF THE RULE SUBMITTED BY THE BUREAU OF CONSUMER
“CONSUMER FINANCIAL PROTECTION CIRCULAR 2024-05: IMPROPER OVERDRAFT
OPT-IN PRACTICES”—Motion to Proceed
Mr. VAN HOLLEN. Mr. President, I move to proceed to Calendar No. 386, S.J. Res. 130.
The PRESIDING OFFICER. The clerk will report the motion.
The legislative clerk read as follows:
Motion to proceed to Calendar No. 386, S.J. Res. 130, a
joint resolution providing for congressional disapproval
under chapter 8 of title 5, United States Code, of the rule
submitted by the Bureau of Consumer Financial Protection
relating to withdrawal of the rule relating to “Consumer
Financial Protection Circular 2024-05: Improper Overdraft
Opt-In Practices”.
Mr. VAN HOLLEN. Mr. President, colleagues, overdraft fees are among the most abusive junk fees in our financial system. The average overdraft
is only $26 and is usually repaid within a few days, but many large banks charge $35 a fee per overdraft. That works out to an annual percentage of about more than 16,000 percent.
So I want you to imagine that you are walking into a 7-Eleven. You are a little short on cash. You want to buy a cup of coffee. You go to the ATM machine. You take out 50 bucks. You buy a $2.50 cup of coffee, but it costs you about $40; and you don't even know it because the bank doesn't tell you.
And then the next day you go to buy some groceries. This time you use your debit card, and they charge you another 35 bucks and don't tell you you have overdrawn.
paycheck. Federal law requires that these banks can charge an overdraft fee on these withdrawals only if consumers opt in—if they opt in. But many financial institutions use deceptive tricks and confusing fine print to get consumers to enter into these programs and then do not inform them of the costs. And banks not that long ago made about $30 billion in one year from these overdraft fees.
that one of our constituents—one of our consumers—actually opted in, and that is what the Trump administration got rid of. They got rid of the enforcement mechanism that prevents our consumers from being gouged.
billionaire buddies. I know he is focused on his billion-dollar ballroom, but we need to focus on our constituents.
And I will close with this. Just yesterday, President Trump said:
I don't think about Americans' financial situation.
the financial situation of people living paycheck to paycheck. We should care. I urge my colleagues to adopt this resolution.
Mr. President, I ask for the yeas and nays.
Vote on Motion to Proceed
The PRESIDING OFFICER. The question is on agreeing to the motion to proceed.
Is there a sufficient second?
There appears to be a sufficient second.
The clerk will call the roll.
The legislative clerk called the roll.
The result was announced—yeas 47, nays 53, as follows:
Rollcall Vote No. 123 Leg.
YEAS—47
Alsobrooks
Baldwin
Bennet
Blumenthal
Blunt Rochester
Booker
Cantwell
Coons
Cortez Masto
Duckworth
Durbin
Fetterman
Gallego
Gillibrand
Hassan
Heinrich
Hickenlooper
Hirono
Kaine
Kelly
Kim
King
Klobuchar
Lujan
Markey
Merkley
Murphy
Murray
Ossoff
Padilla
Peters
Reed
Rosen
Sanders
Schatz
Schiff
Schumer
Shaheen
Slotkin
Smith
Van Hollen
Warner
Warnock
Warren
Welch
Whitehouse
Wyden
NAYS—53
Armstrong
Banks
Barrasso
Blackburn
Boozman
Britt
Budd
Capito
Cassidy
Collins
Cornyn
Cotton
Cramer
Crapo
Cruz
Curtis
Daines
Ernst
Fischer
Graham
Grassley
Hagerty
Hawley
Hoeven
Husted
Hyde-Smith
Johnson
Justice
Kennedy
Lankford
Lee
Lummis
Marshall
McConnell
McCormick
Moody
Moran
Moreno
Murkowski
Paul
Ricketts
Risch
Rounds
Schmitt
Scott (FL)
Scott (SC)
Sheehy
Sullivan
Thune
Tillis
Tuberville
Wicker
Young
The motion was rejected.
The PRESIDING OFFICER (Mr. Justice). The Senator from Delaware.