HELP DEFEAT Susan Collins

Too many corporations are gouging American consumers – driving up the cost of living, making life more difficult, in an attempt to pad their own pockets. Not because they have to, but because no one is stopping them. We need stronger antitrust enforcement to stop monopolies from exploiting Mainers by gaining market share through mergers and controlling markets without competition. It’s time for a modern-day trust-busting movement. Here’s how we’re going to protect Mainers from businesses that are scamming them:

Limit Overdraft Fees to $5 Per Transaction:

• In 2024, the CFPB finalized a rule that required big banks with assets over $10 billion to limit overdraft fees to ~$5, except in very narrow circumstances. It was a major win for consumers. But days after Donald Trump took office, Susan Collins voted to overturn this limit, allowing big banks to repeatedly impose steep fees on vulnerable consumers. Let’s be clear: exorbitant overdraft fees are a massive transfer of wealth from the poorest Americans to the most wealthy. It’s no surprise: big banks are some of Susan Collins’ biggest donors.
• This fight is personal to me. I worked my way through college, and more than once I was slapped with skyhigh overdraft fees, simply because I didn’t have enough money in my account that week. This vicious cycle needs to end. We must restore this rule capping overdraft fees at $5 per transaction. It will save consumers up to $5 billion per year. That’s $225 per household paying overdraft fees.

Outlaw Surprise Medical Billing:

• We must make surprise billing a thing of the past Patients deserve to know how much a healthcare procedure will cost so they can make make informed decisions about their care. But hospitals, insurance companies, and pharmacy benefit managers intentionally obfuscate prices, and can often vastly vary for the same service. We need to end hidden medical fees by requiring hospitals and insurance companies to transparently post prices online in an easy-to-find searchable format, print billing statements that are actually understandable, and provide upfront estimates of what a service will cost. We’re going to stop surprise billing so no patient should be afraid to go to the doctor or get the healthcare they need because they don’t know how much it will cost. No one should ever be surprised by an unexpected bill of thousands of dollars that can bankrupt you. 

Right to Repair: 

• When a Mainer buys something, they should have the legal right to fix it. But too many manufacturers make it difficult to get spare parts or legitimate repair manuals, use software to lock down their products, and only allow authorized dealers to fix things – or risk voiding a warranty. Americans should be allowed by law to fix products they own by themselves or through an independent repair shop. Right to repair laws will save Mainers money and bring decision making back to owners. 

Ban Corporate Price Gouging:

• We must tackle corporate price gouging – where companies increase costs far beyond what they need to just to pad their own pockets. This starts with stopping companies from excessively raising prices during emergencies like natural disasters or pandemics. We must also implement new corporate transparency rules that require disclosure of price-setting practices publicly, to deter abusive cost increases.

Payday Loan Abuses and Postal Banking:

• Companies are preying on vulnerable Mainers who are struggling to pay their bills by offering predatory financial traps in the form of payday loans. These loans provide short term relief, but lock buyers into a vicious cycle of debt with exorbitant interest rates and unreasonable timelines to pay back bills. They are exempt from oversight in many states. It needs to stop.
• First, we must institute a national interest rate cap for all consumer-facing loans, like we already do for active-duty military servicemembers. Then, we need new federal legislation to close the loophole that allows payday lenders to rent bank’s charters to avoid caps.
• Postal banking — the practice of letting the USPS provide basic financial services, like cashing checks, opening savings accounts, and providing small-dollar loans — will go a long way towards providing consumers with financial freedom. This isn’t a novel idea. The United States operated a Postal Savings System through the mid-1960s. Restoring the Postal Service’s ability to provide small-dollar loans will make them instantly accessible to those in need in underserved communities, and loosen the foothold predatory payday lenders have on vulnerable consumers.

Restore the Consumer Financial Protection Bureau and empower the Federal Trade Commission (FTC):

• The CFPB was created to regulate consumer financial products and services, enforce federal consumer financial protections, and empower consumers when making financial decisions. But Donald Trump has gutted the CFPB and FTC, to provide his corporate donors and big banks the ability to fleece consumers. We must restore funding and strengthen these institutions to bring back transparency, and an avenue for consumers to go after big financial companies that are bullying the little guy.

Crack Down on Hidden Junk Fees:

• Banks, airlines, credit card companies, and ticketing venues tack on unnecessary fees to line their own pockets, often at the end of a transaction without transparency. We must limit overdraft fees, credit card late fees, airline and ticketing fees.

Tougher Bankruptcy Protections: 

• We must make it easier for Mainers who are struggling under crushing debt to get a fresh start. To start, we must simplify the bankruptcy process to make it easier for consumers to actually navigate, and not require navigating confusing paperwork or expensive lawyer fees. We need a simple, free bankruptcy services for those with low incomes and small debts, and fast-track these consumers through the process.
• To get back on your feet after struggling through bankruptcy, people need a place to live and a way to get around. But the limit on homesteads and vehicles is too low – making it so that folks sometimes become homeless or can’t even get to work because of bankruptcy. We need federal legislation on homestead and vehicle exemptions during the bankruptcy process.
• It’s nearly impossible to wipe away student loan debt under bankruptcy, even though we can do it for other industries. We must remove this exemption and treat student loan debt like we do for credit cards and medical debt. 

Click to Cancel:

• Companies make it easy to subscribe to their services, but incredibly difficult to actually cancel a subscription. Streaming companies, gym memberships, free trials that automatically become paid subscriptions, and more – they all do it. We need to require easy to find, online cancellation options if something is bought online. We need to ban manipulative tactics during cancellations like “one-time offers” unless a user opts-in. And we need to force consent that is clear when a free-trial ends. Enforcement means steep fines for violators of the law. 

Antitrust Enforcement and Breaking Up Monopolies:

• Companies are getting more and more powerful, buying up competitors, setting market rates, and ripping off consumers. We need to stop monopolies from dominating the markets they are in. We need to end the practice of secret agreements between companies that allow them to jack-up rates. And we need severely scrutinize and ultimately block mega-mergers that are going to reduce competition and raise prices. But we can’t just prevent future mergers – many of these companies already exist. We need to break up big monopolies when they exploit Mainers and abuse their power. No company should be big enough to set its own rules, prices, competition and then screw over consumers.