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President Biden, Director Chopra, and Chair Khan Crack Down on Hidden Fees
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“We’re putting real money back in the pockets of American families. It's good for them and good for businesses that follow the law."
With the cost of living top of mind, President Biden today joined antimonopoly champions CFPB Director Rohit Chopra and FTC Chair Lina Kha n to talk about his administration’s whole-of-government effort to eliminate junk fees . It was an important speech that illustrated how President Biden is fighting for working families and fair markets, and how policymakers like Chopra and Khan are leading that effort.
WATCH HERE [[link removed]]
Junk fees cost Americans tens of billions of dollars a yea r . They are a predatory [[link removed]] , anti-competitive [[link removed]] feature [[link removed]] of many everyday transactions — booking a hotel room or plane ticket, buying a concert ticket or a car, using a credit card or checking account, switching cable or cell phone companies, and on and on. Overdraft fees alone drained $8 billion [[link removed]] from working class Americans’ checking accounts last year.
These junk fees can make or break a family’s budget — and people are furious . More than 50,000 [[link removed]] people encouraged the CFPB to ban overdraft fees that contribute to bloated bank profits. In less than a week, more than 6,000 [[link removed]] joined Economic Liberties’ campaign to stop Ticketmaster from charging junk fees. And Americans across the country [[link removed]] have joined our campaign to #EndAirlineGreed .
Now, the Biden administration is n’t just listening — it’s acting. CFPB Director Chopra announced new guidance today [[link removed]] that makes clear surprise overdraft and depositor fees are illegal. President Biden touted the FTC’s new initiative to investigate and eliminate junk fees in industries all across the economy. And together, they promised to double down on efforts to put working families' economic well-being ahead of powerful corporations' record profits.
This is just the start.
Warmly,
Sarah
P.S. You can join thousands of Americans in fighting junk fees by taking part in our Break Up Ticketmaster [[link removed]] and End Airline Greed [[link removed]] campaigns!
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