President Joe Biden says his proposed ban on junk fees will help families and “honest” businesses
President Joe Biden delivers remarks on hidden junk fees in the Rose Garden of the White House, Wednesday, Oct. 11, 2023, in Washington. WASHINGTON — — The Federal Trade Commission on Wednesday proposed a rule to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
The FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees to provide basic customer services. The FTC estimates that consumers waste 50 million hours each year searching for the total price for tickets and lodging. The time saved in those two categories because of the rule would be equivalent to about $1 billion annually.
But some business groups are skeptical that people will realize savings. After Biden discussed junk fees at a February meeting with aides, the U.S. Chamber of Commerce issued a statement that the “Washington-knows-best approach” would lead to fewer choices for consumers and make the economy less competitive.This story has been corrected to show the spelling of the FTC chair’s surname is Khan, not Kahn.
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