On Wednesday President Biden announced that the administration would work to get rid of “junk fees” in order to bring down the cost for Americans during this period of high inflation.
The Consumer Financial Protection Bureau is also going to be looking for ways to reduce the many different hidden charges, banking fees and even additional airline and hotel fees to help lower the costs for Americans. Cable bill fees are also set to be reduced.
Biden said that the administration was going to be working towards lowering the cost for American families by ensuring that all big corporations are held accountable and do not just take money through hidden fees from the pockets of middle-income and working-class Americans.
The President spoke about all of the different fees that take money out of people’s pockets. Specifically, he spoke about surprise banking overdraft fees, hidden hotel booking fees and termination charges which can oftentimes stop people from changing their cable plans.
He also noted that he understands that American people have been frustrated which is why this step is going to help households reduce the money that they have to spend.
Biden also spoke about how the American people are aware of the strains in the global economy that occurred after the war on Ukraine was launched by Russian President Putin.
Last month the President assigned the White House Competition Council to go over the different complicated algorithms used by companies in order to charge people different hidden fees. He also made it clear that people should not be charged for checks that bounce or have to pay surprise overdraft fees. As he said, all of these different fees are weighing down American families that are trying to pay their bills.