What's Wrong WIth Limiting Credit Card Late Fees?

Presidnet Biden is asking lawmakers and regulators to limit credit card late fees to eight dollars per month. He's also piusing to outlaw what he calls "junnk fees" on multiple things including ticket purchases, resorts, hotels, and other goods and services. The Competitive Enterprise Institute's John Berlau argues against the proposals, saying they would be bad for both consumers and the economy in general. https://cei.org/news_releases/cfpb-cap-on-credit-card-late-fees-price-controls-that-raise-cost-of-credit-for-everyone/