President Joe Biden on Wednesday announced a proposed rule by the Federal Trade Commission to ban any hidden and bogus junk fees, which can mask the total cost of concert tickets, hotel rooms and utility bills.
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"These junk fees may not matter to the wealthy, but they sure matter to working folks in homes like the one I grew up in," Biden said in remarks at the White House Rose Garden. 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 such as checking account balances.
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.
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