{"id":1841518,"date":"2023-02-09T17:05:22","date_gmt":"2023-02-09T22:05:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1841518"},"modified":"2023-02-09T17:05:48","modified_gmt":"2023-02-09T22:05:48","slug":"biden-wants-federal-action-to-ban-junk-fees-that-might-not-be-a-good-idea","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-wants-federal-action-to-ban-junk-fees-that-might-not-be-a-good-idea\/","title":{"rendered":"Biden Wants Federal Action To Ban \u2018Junk Fees.\u2019 That Might Not Be A Good Idea."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-wants-federal-action-to-ban-junk-fees-that-might-not-be-a-good-idea%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1841518&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> His show aired a lot of time during his tenure. <a href=\"https:\/\/www.dailywire.com\/topic\/state-of-the-union\" target=\"_blank\" rel=\"noopener\">State of the Union<\/a> On Tuesday, address the inconvenience \u201cjunk fees\u201d The charges are likely to cause damage to the average consumer and should be eliminated by federal action.<\/p>\n<p>Junk fees are hidden charges that aren&#8217;t included in the transaction price but are paid by the consumer when they pay for the product or services. They are prevalent in areas such as banking, personal finance and hospitality. Biden asked lawmakers to pass a Junk Fee Prevention Act. <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/02\/01\/fact-sheet-president-biden-highlights-new-progress-on-his-competition-agenda\/\" target=\"_blank\" rel=\"noopener\">Crack down<\/a> On concert and sporting ticket fees. Phone and internet early termination fees. Resort and destination fees.<\/p>\n<p>\u201cJunk fees may not matter to the very wealthy, but they matter to most folks in homes like the one I grew up in. They add up to hundreds of dollars a month,\u201d Biden spoke in the <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/02\/07\/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery\/\" target=\"_blank\" rel=\"noopener\">Address<\/a>. \u201cThey make it harder for you to pay the bills or afford that family trip. I know how unfair it feels when a company overcharges you and gets away with it. Not anymore.\u201d<\/p>\n<p>Many agencies have looked at the issue and considered rules that could reduce junk fees. Federal Trade Commission officials <a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2022\/10\/federal-trade-commission-explores-rule-cracking-down-junk-fees\" target=\"_blank\" rel=\"noopener\">Requested<\/a> At the end of last calendar year, public comment was invited on proposed regulations to ban smoking. \u201cunnecessary charges for worthless, free, or fake products or services.\u201d According to a study by a, Americans spent $15 billion per annum on bank overdrafts fees in 2019, according to a <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/hidden-cost-junk-fees\/\" target=\"_blank\" rel=\"noopener\">Study<\/a> The Consumer Financial Protection Bureau.<\/p>\n<p>Despite the inconveniences that junk fees can cause to consumers, it is possible for nationwide regulations to ban them to prove inefficient and impractical.<\/p>\n<p>\u201cThe federal government should not be concerned with punishing companies for fees that someone doesn\u2019t like,\u201d Norbert Michel, vice president and director of the Cato Institute\u2019s Center for Monetary and Financial Alternatives, told The Daily Wire. \u201cPeople can refuse to pay the fee, complain, and go somewhere else. If large numbers of customers take any of those actions, chances are the company will adjust its policy.\u201d<\/p>\n<p>The United Kingdom\u2019s Financial Conduct Authority, for instance, implemented <a href=\"https:\/\/www.fca.org.uk\/news\/statements\/fca-gives-update-banks-overdraft-pricing-decisions-and-plans-support-consumers\" target=\"_blank\" rel=\"noopener\">New rules<\/a> Overdraft fees for the period November 2019 to April 2020. Despite the fact that banks had overdraft revenues drop by one-quarter to one-third, the agency acknowledged that \u201cmany of the banks\u2019 new rates were similar\u201d Many financial institutions created a range pricing structures for their customers after the new restrictions had been enacted.<\/p>\n<p>Michel said that businesses and consumers are more likely than others to solve their problems without regulator interference. \u201cIt makes little sense for the federal government to try to control fees, just as it makes it little sense for the federal government to try to control prices,\u201d He stated.<\/p>\n<p>Prior calls to action by senior White House officials against junk fees have been rejected. \u201clower income households and people of color\u201d Charges can have a greater impact on the lives of those who are most affected. One <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/blog\/2022\/10\/26\/the-presidents-initiative-on-junk-fees-and-related-pricing-practices\/\" target=\"_blank\" rel=\"noopener\">Analysis<\/a> Brian Deese, Director of the National Economic Council, cited as follows: <a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_credit-card-late-fees_report_2022-03.pdf\" target=\"_blank\" rel=\"noopener\">Study<\/a> The Consumer Financial Protection Bureau noted that many consumers live in low-income or majority-black areas. \u201cpaid disproportionately more in credit card late fees.\u201d Another <a href=\"https:\/\/www.nclc.org\/wp-content\/uploads\/2022\/09\/auto_add_on_rpt.pdf\" target=\"_blank\" rel=\"noopener\">Study<\/a> According to the official, Hispanic car owners paid more in add-on expenses than their counterparts.<\/p>\n<p>Michel pointed out that disparity does NOT necessarily indicate discrimination. \u201cThe fact that certain consumers pay more in late fees does not, by itself, mean that anything nefarious has occurred,\u201d He continued.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden devoted a significant amount of airtime during his State of the Union address on Tuesday toward the inconvenience that \u201cjunk fees\u201d cause to the typical consumer, suggesting that federal action should be taken to eliminate the charges. Junk fees, the hidden charges that are not included in the ticket price for a &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1839428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[18200,4625,7008,3620,3974,11339,6766],"class_list":["post-1841518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-junk","tag-action","tag-ban","tag-biden","tag-federal","tag-fees","tag-idea"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1841518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1841518"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1841518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1839428"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1841518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1841518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1841518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}