In the final weeks before a midterm election where voters are primarily concerned about the health of the economy and inflation’s impact on the cost of living, President Joe Biden’s financial regulators have pledged to crack down on how banks and other industries levy fees on customers — and Biden just reiterated the promise on Wednesday.

We’re cracking down on hidden "junk" fees like surprise overdraft and deposit fees, credit card late fees, hidden hotel booking fees.

Even those termination charges that stop you from switching cable and internet plans to get a better deal.

They add up. We're taking action.

 — President Biden (@POTUS) October 26, 2022

But Republicans on the Senate Banking Committee — four of whom are up for reelection — are fighting to preserve overdraft charges and other “junk fees” that are generating tens of billions each year for their big bank donors at the expense of the country’s most desperate.