Reps. Maxine Waters (D-Calif.), Carolyn Maloney (D-N.Y.), and 44 co-sponsors have proposed the Overdraft Protection Act to address concerns about the fees that banks charge customers who spend more money than is available in their accounts. The legislation would codify a 2010 rule from the Federal Reserve requiring consumers to opt in for overdraft protection. It additionally would limit the number of fees institutions can impose on an individual for overdrafts to one per month and six per year; those fees also would need to be "reasonable and proportional" to the amount of the overdraft. The proposal also would ban the ordering of debit charges from highest amount to lowest and instruct the Consumer Financial Protection Bureau to examine the use of overdraft fees with prepaid cards and potentially extend the bill's provisions to those cards if necessary. "I am proud to be an original co-sponsor of this critical legislation to protect consumers from calculated strategies by some financial institutions to generate unfair overdraft fees," Waters said in a press release.