Congressman Gregory W. Meeks Praises New Product That Will Reduce Fees on Consumers

PRESS RELEASE

June 15, 20111

Congressman Gregory W. Meeks Praises New Product That Will Reduce Fees on Consumers

(WASHINGTON, DC)–Congressman Gregory W. Meeks (NY-6), Senior Member of the House Financial Services Committee, released the following statement praising the new product that will reduce fees to consumers:

“In expressing my concern for regulatory policies that would disproportionately affect the poor and underbanked, I have in the past quoted the writer James Baldwin, who wrote, ‘Anyone who has ever suffered under poverty knows how expensive it is to be poor.’ As an increasing number of underbanked consumers are faced with fewer credit options or high fee laden products, I have fought for access to prepaid cards as a means of ensuring that they are not excluded from the modern, electronic economy. As American Express has shown in introducing a card without maintenance, activation, or purchase fees, one need not charge onerous fees to consumers to provide a valuable service and make a profit. I applaud such a bold and innovative move and it is my hope that this fee-free product will encourage continued innovation in the prepaid card industry and serve as a model to increase opportunities in accessing the 21st century economy.”