Biden widens war on junk fees, says US consumers tired of being treated as 'suckers'

US President Joe Biden pressed forward on his so-called Bidenomics initiative by expanding his war on junk fees and going after big firms dominating the rental housing market

The White House said four decades of "misguided economic philosophy" had resulted in rising concentration in three-fourths of U.S. industries, costing the median U.S. household up to $5,000 a year in higher prices and lower wages.

While the junk fee crackdown has found strong bipartisan and public support, industry has chafed at the increased oversight, accusing the Biden administration of "regulatory overreach." Morgan Harper, a former Consumer Financial Protection Bureau official, welcomed Bid en's drive for more competition and said it would help smaller firms and entrepreneurs.

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