Biden announces government-wide attack on ‘junk fees’

President Biden announced on Wednesday a government-wide crackdown on “junk fees,” including new efforts by the CFPB to eliminate bank charges that catch consumers by surprise.

“These so called ‘junk fees’ are not just an irritant—they can weaken market competition, raise costs for consumers and businesses, and hit the most vulnerable Americans the hardest,” the administration said, in a fact sheet outlining its effort.

Biden discussed the initiative Wednesday morning.

“Each year—but each year, these “junk fees,” in addition, that companies charge cost Americans tens of billions of dollars, weighing down family budgets and making it harder for people to pay their bills,” he said.

 

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