Junk fees are fees that are mandatory but not transparently disclosed to consumers.[1] Consumers are lured in with the promise of a low price, but when they get to the register, they discover that price was never really available.[2] Junk fees harm consumers and actively undermine competition by making it impractical for consumers to compare…
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Readout of White House State Legislators Convening on Junk Fees
Today, the White House convened state legislative leaders to discuss state-level actions to address junk fees, building on the Biden-Harris Administration’s unprecedented efforts to crack down on junk fees across the economy to lower costs for Americans. National Economic Advisor Lael Brainard, Domestic Policy Advisor Neera Tanden, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra,…
FACT SHEET: President Biden Announces New Actions to Lower Costs for Americans by Fighting Corporate Rip-Offs
Launch of Strike Force on Unfair and Illegal Pricing; New Actions to Slash Credit Card Late Fees, Combat High Internet Costs, and Support Small Farmers; And New Report Showing That Administration Efforts to Eliminate Junk Fees Will Save Over $20 Billion Annually President Biden is laser focused on lowering costs for hardworking Americans by taking…
Biden-Harris Administration Announces Broad New Actions to Protect Consumers From Billions in Junk Fees
New proposals would crack down on junk fees across industries and ban fees for essential bank services Today, President Biden will be joined by Federal Trade Commission (FTC) Chair Lina Khan and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra as they announce new efforts to crack down on junk fees and bring down costs…
FACT SHEET: President Biden Is Taking Action to Lower Costs for Families and Fight Corporate Rip-Offs
President Biden is fighting to lower costs for American consumers—and he is taking action to address corporate price gouging. Congressional Republicans have no plan to lower costs for Americans and have instead proposed giveaways to the wealthy, big corporations, and Big Pharma that will increase the cost of prescription drugs, utility bills, health insurance premiums,…
Remarks by President Biden on New Actions to Protect Consumers from Hidden Junk Fees and Put More Money Back in the Pockets of Hardworking Americans
Rose Garden 12:02 P.M. EDT THE PRESIDENT: Thank you, thank you, thank you. (Applause.) MS. CHONG: Thank you. THE PRESIDENT: They’re going to walk you down those stairs. MS. CHONG: Okay. THE PRESIDENT: Watch your step. MS. CHONG: All right, thank you so much. THE PRESIDENT: Becky, thank you. Folks, before I begin — please have a seat. Before I begin, I want…
FACT SHEET: Biden-Harris Administration Takes on Junk Fees in Rental Housing to Lower Costs for Renters
Major rental housing platforms and several states join the President’s effort to crack down on rental housing junk fees for consumers and increase transparency Today, President Biden is announcing a new front in his crackdown on junk fees: rental housing. From repeated rental application fees to surprise “convenience fees,” millions of families incur burdensome costs…
Remarks by President Biden on Protecting Americans’ Retirement Security
State Dining Room 4:04 P.M. EDT THE PRESIDENT: Thank you. Please — (applause) — thank you, thank you, thank you. Joanne, thanks for that introduction. I — you know, for all the good work you do at AARP and helping Americans achieve security retirement. Look, Julie Su, our Acting Secretary of Labor — it’s going…
FACT SHEET: President Biden to Announce New Actions to Protect Retirement Security by Cracking Down on Junk Fees in Retirement Investment Advice
New proposal builds on Biden-Harris Administration’s work to eliminate junk fees and promote competition—a key pillar of Bidenomics America’s families spend a lifetime saving so they can retire with dignity. But junk fees are chipping away at their savings, going to financial advisers with conflicts of interests instead of to American families, and making retirements…
How Junk Fees Distort Competition
Today, the White House hosted an event to highlight the costs imposed on Americans by junk fees, inviting scholars and practitioners to discuss the topic. This follows the National Economic Council’s blog post on the topic in October 2022 and the President’s call for Congress to pass a Junk Fee Prevention Act in February 2023.…
