Consumer advocacy groups on Wednesday applauded new efforts announced by the Biden administration to rein in banks and other companies that make billions of dollars per year charging Americans what President Joe Biden called "outrageous" hidden fees when they make purchases or use basic financial services.
Speaking in the Rose Garden at the White House, Biden said the Federal Trade Commission (FTC) has proposed a new rule that would ban businesses from charging "junk fees"—unexpected "service charges" and other fees that are revealed to a consumer just before an online purchase is finalized by ticketing companies, car rental agencies, and other businesses.
Biden said companies charge the fees "simply because they can" and that banning them will give households across the nation more "breathing room."
"These junk fees can add hundreds of dollars weighing down family budgets, making it harder to pay family bills," said the president. "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."
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