Biden Proposes New ‘Junk Fee’ Bill Aimed at Cutting Hidden Fees from Multiple Industries
President Joe Biden announced new progress Wednesday on his administration’s “competition agenda,” specifically taking aim at junk fees while calling on Congress to pass legislation targeting hidden fees across multiple industries.
These costs can “drain hundreds of dollars a year from the pockets of hardworking American families, especially folks who are already struggling to make ends meet — but not anymore after today,” Biden said at the fourth meeting of the Presidential Competition Council on Wednesday.
The proposed legislation in partnership with the Consumer Financial Protection Bureau, called the Junk Fee Protection Act, would target four types of excessive fees:
- excessive online concert, sporting event and entertainment ticket fees
- airline fees for families sitting together on flights
- exorbitant early termination fees for TV, phone and internet services
- surprise resort and destination fees
In brief remarks before the meeting, Biden had called out credit card late fees in particular as “a junk fee if there ever was one,” saying the new guidance from the CFPB would reduce these fees.
Read the source article at cnn.com
