{"id":2064882,"date":"2023-10-12T13:29:04","date_gmt":"2023-10-12T17:29:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-sweeping-measures-aimed-at-slashing-junk-fees\/"},"modified":"2023-10-12T13:31:45","modified_gmt":"2023-10-12T17:31:45","slug":"biden-unveils-sweeping-measures-aimed-at-slashing-junk-fees","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-sweeping-measures-aimed-at-slashing-junk-fees\/","title":{"rendered":"Biden introduces broad actions to reduce excessive fees."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/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-unveils-sweeping-measures-aimed-at-slashing-junk-fees%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=2064882&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--><h2>Companies May Soon\u200c Be Required to Disclose Hidden Fees, Says President Biden<\/h2>\n<p>President Joe\u2063 Biden has unveiled a new rule\u2063 that could force companies to\u200b reveal hidden fees to customers. The Federal \u200bTrade \u2062Commission (FTC) has proposed a rule that \u200bwould require businesses in all industries under \u200dits jurisdiction to show the total price upfront\u2062 to customers. This rule would apply \u200bto various sectors, including concert and sports tickets, hotel and lodging\u200c firms, \u200dand apartment and car rental agencies.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/california-to-eliminate-junk-fees-with-new-law-signed-by-newsom-5507983?<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/jacob-siegel-on-disinformation-the-hoax-of-the-century-part-1\/\" title=\"Jacob Siegel discusses disinformation and refers to it as the 'Hoax of the Century' in Part 1.\">ea_src=author_manual&#038;ea_med=related_stories<\/a>&#8220;><strong>California to Eliminate \u2018Junk Fees\u2019 With New Law Signed by Newsom<\/strong><\/a>  &#8211; 10\/11\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/ftcs-khan-doubles-down-on-banning-non-compete-agreements-fighting-junk-fees-5419177?ea_src=author_manual&#038;ea_med=related_stories\"><strong>FTC&#8217;s Khan Doubles Down on Banning Noncompete Agreements, Fighting Junk Fees<\/strong><\/a>  \u2064 &#8211; 7\/24\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>If implemented, the FTC would \u200dhave the power to \u2062fine companies that\u200c refuse to disclose the full upfront price\u200d and secure refunds for customers who have been charged hidden fees. According to FTC Chair Lina Khan, these unexpected costs can add\u2062 up to tens of \u2062billions of dollars per year\u200c for consumers, allowing corporations to extract money from families &#8220;just because they can.&#8221;<\/p>\n<p>President\u200c Biden described the proposal\u200d as the &#8220;most comprehensive action ever&#8221; to eradicate \u2064junk fees. He emphasized that these fees take money out of the pockets \u200dof American families and add hundreds of dollars to household budgets.\u2063 &#8220;These junk\u200d fees may not matter to the \u2062wealthy, but they sure matter to working folks in homes like the one I grew \u200cup in,&#8221; President Biden said.<\/p>\n<p>The Consumer Financial Protection Bureau (CFPB) will also take measures to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-sweeping-measures-aimed-at-slashing-junk-fees\/\" title=\"Biden introduces broad actions to reduce excessive fees.\">restrict large financial institutions<\/a> and credit unions from charging customers for basic services. Additionally, a \u200cproposed CFPB rule would make \u2063it easier for customers to switch banks\u2064 by allowing them to securely send transaction data\u2063 to \u200dother \u200binstitutions.<\/p>\n<p>While \u2064the administration claims that restricting junk fees is saving consumers money, critics argue that companies will simply raise the headline prices of services. The \u2063Cato Institute, a libertarian-leaning think tank, suggests that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/james-cameron-already-shot-avatar-3-and-4-to-avoid-stranger-things-effect-teens-who-look-like-theyre-27\/\" title=\"James Cameron Already Shot \u2018Avatar\u2019 3 And 4 To Avoid \u2018Stranger Things\u2019 Effect, Teens Who \u2018Look Like They\u2019re 27\u2019\">total amount spent<\/a> by U.S. households would remain largely unchanged.<\/p>\n<p>Despite differing opinions, the Biden administration remains\u200d committed to cracking \u200ddown on junk fees and protecting consumers\u200c from \u2064unnecessary charges. The American Bankers Association is closely reviewing the \u200bCFPB&#8217;s guidance to ensure it aligns with\u2062 appropriate administrative procedures\u2063 and \u200brelevant statutes.<\/p>\n<p> <\/p>\n<h2> What is the goal of the\u200d proposed rule by the FTC to ban non-compete agreements?<\/h2>\n<p><span>  Ements-8906528.html?ea_src=author_manual&#038;ea_med=related_stories&#8221;><strong>FTC\u2019s Khan Doubles \u200cDown on Banning Non-Compete Agreements<\/strong><\/a>  &#8211; 10\/15\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>The goal of this\u200b new rule is\u2062 to protect consumers from deceptive pricing practices\u200c and to promote transparency in \u200d\u200bthe marketplace. President \u2062Biden\u200d emphasized that hidden fees can\u2063 be \u200ca burden on consumers, who often only discover \u200dthem after they have made a purchase. By requiring upfront disclosure of all fees, customers can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oregon-governor-encourages-people-to-call-police-on-neighbors-violating-covid-orders\/\" title=\"Oregon Governor Encourages People To Call Police On Neighbors Violating COVID Orders\">make informed decisions<\/a> and \u2063avoid unexpected charges.<\/p>\n<p>In recent years, there have been numerous complaints from customers about hidden fees in \u2062various industries. Ticket buyers, for\u2064 example, are often surprised \u200cby \u200badditional\u2062 charges for processing fees, convenience fees, \u200band delivery fees. Similarly, hotel guests may \u200dbe\u200c unaware \u2062of mandatory\u2064 resort fees or parking fees until they check out. These hidden fees can significantly increase the overall cost of a transaction and leave\u200b customers feeling deceived.<\/p>\n<p>The proposed rule \u200dby the FTC \u200dwould \u200brequire companies to disclose all fees and charges that\u2062 are not \u2063included \u200bin the advertised price. This\u200c means\u200c that\u2063 any additional fees, such as \u200dtaxes, \u2063service\u200d charges,\u200d or\u2062 facility fees, must be clearly\u200c stated upfront. In\u2062 addition, companies would be prohibited from adding\u2063 any\u2064 undisclosed fees after the initial purchase is made.<\/p>\n<p>If\u200d implemented, \u200cthis rule would give consumers more power in their \u200dpurchasing decisions. They \u2062will\u2062 be able to compare prices accurately and assess the true cost \u2062of a product \u200bor \u2062service. It\u2063 will also discourage companies \u200dfrom\u200d using deceptive pricing strategies to\u200c attract customers \u2063with low\u200c advertised prices but compensating for it with hidden\u200d fees.<\/p>\n<p>The proposed rule has \u200dreceived support from consumer \u200dadvocacy groups, who believe that increased transparency will benefit customers. However, some industry groups\u200b have \u200cexpressed \u200cconcerns about the \u2063potential impact on their businesses. They argue that disclosing all fees \u200dupfront may deter \u2062customers from making purchases or booking\u2064 services.<\/p>\n<p>In response to these concerns, President Biden stated that transparency would ultimately benefit \u200dboth\u2062 consumers and businesses. \u2064He\u2063 believes that customers will have more \u2063trust\u200b in companies that are transparent about their pricing, which\u2062 could\u2064 lead \u200bto increased loyalty and repeat business.<\/p>\n<p>The proposed rule\u200c is\u200d currently in the public\u200d comment period,\u200d during which\u200d stakeholders can submit feedback and suggestions. After this period, the FTC will review the input \u2062before\u200b finalizing\u200c the rule. If approved, it is expected to take effect within the next\u2064 year.<\/p>\n<p>In conclusion, President\u2062 Biden&#8217;s push\u2063 for\u2063 companies to disclose hidden fees is aimed at protecting consumers and promoting transparency in\u200c the marketplace. This proposed rule \u2064by the FTC \u2062would\u200b require businesses to show the total price\u2062 upfront, including all fees \u2063and charges that are not included\u2063 in \u2063the advertised price.\u200d While\u2062 some industry groups have expressed concerns, President Biden believes that increased transparency will \u2063benefit\u200d both \u2063customers and businesses\u200d in the long run. As \u2064the rule\u2062 moves through the public comment period, stakeholders have \u2063the opportunity to provide input and shape its final form. \u2064Overall, this rule\u200d has the potential to \u2062empower consumers and \u2063provide them with the information they need to make\u200b informed purchasing decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden has introduced a new rule that may require companies to disclose concealed fees to customers. The Federal Trade Commission (FTC) has proposed a regulation that would oblige businesses in all sectors under its authority to display the complete price upfront. This would encompass concert and sports tickets, as well as hotel and lodging establishments.<\/p>\n","protected":false},"author":278,"featured_media":2064883,"comment_status":"open","ping_status":"closed","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":[543],"tags":[],"class_list":["post-2064882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2064882","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\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2064882"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2064882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2064883"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2064882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2064882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2064882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}