It White House Wednesday’s meeting brought together federal and state officials, as well as other representatives of the public to share ideas about improving our democracy. fight “junk fees” That inflates the cost of every service, including hospital visits. airline tickets To student loans and concert tickets
After President Joe Biden, the virtual meeting takes place said in February His administration will work closely with local and state officials to find ways to clamp down on these types of crimes fees. The Government Accountability Office report from 2018 on event ticket sales We found out that primary ticket providers were charged fees averaging 27% of a ticket’s price.
Rohit Chopra (Director of the Consumer Financial Protection Bureau) encouraged states to make use of existing consumer protection laws.
“States can enforce a prohibition on certain abusive acts or practices,” Chopra stated. “These words might seem like obscure legal concepts, but they’re really about making sure there’s fair market dealing that prices are upfront and clearly disclosed, but also that consumers have a chance to avoid those fees if they don’t actually want that service.”
The bureau is the nation’s financial watchdog agency and was created in 2011 after the Great Recession.
Lael Brainard recently assumed the leadership of the National Economic Council after serving as vice chair Federal Reserve said that pricing transparency is bad news for consumers and businesses because it encourages similar industries companies to conceal their prices. fees In order to be competitive and creates “race to the bottom.”
“Excessive fees hurt the companies that want to be good actors and that want to price transparently,” Sie said.
On the conference call, state legislators shared their experiences in pursuing efforts to eradicate specific problems. junk fees.
New York Democratic State Senator James Skoufis spoke about his work on legislation to eliminate poverty. junk fees Live entertainment tickets will be banned from being emailed. Tickets that have been emailed are exempted from delivery fees.
“There’s a lot more work to be done in this space,” Skoufis claimed.
Administration is working to eliminate additional fees Across the Federal Government
Biden asked Congress for the Junk Fee Protection Act to be passed. It would aim at hidden charges fees In the entertainment, travel, and hospitality sectors. The CFPB introduced a rule earlier in the year to restrict credit card late payments. feesThis would lower the typical late fees Missed payments can cost anywhere from $30 to $8. The new law could be in effect by 2024. According to the bureau, it would cost consumers approximately $9 billion by late. fees annually.
The Federal Communications Commission released a proposal rule in February that would, if adopted, limit intrastate call costs to and from prisoners and jails.
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