US President Joe Biden pictured in London on September 18, 2022. In an interview broadcast on Sunday, Mr Biden said U.S. forces would defend Taiwan in the event of a Chinese aggression.
Brendan Smiarowski | Afp | Getty Images
president Joe Biden On Monday, he announced his administration’s plan to crack down on fees and boost competition in various industries.
In a speech at a meeting of the White House Competition Council, the president said unnecessary hidden fees, or “junk fees,” were straining family budgets.
“Families don’t have to pay these fees,” Biden said. “It’s all taking money out of the average American’s pocket.”
The council was created by the Biden administration to “encourage competition with the goal of lowering prices for consumers, raising wages for workers and fostering innovation in the economy,” the president said. “We have made considerable progress,” he added.
Biden charged banks for overdraft fees on checking accounts, late fees on credit cards, hotel processing fees, and termination fees charged by mobile phone and internet providers.
He said that due to the council’s efforts, three-quarters of America’s 20 largest banks have eliminated fees on returned checks, averaging $50. Biden said the change would put the government on track to reduce overdraft fees by $3 billion annually.
The Council will also take steps towards equity in the meat and poultry industry by providing subsidies to small meat processors so that they can compete with the four largest meat producers who set market prices. I taught.
Agriculture Secretary Tom Vilsack, a member of the Competition Council, said Monday that the USDA is “focused on building new, fairer and more resilient markets, protecting growers and reducing food costs. And today we are proving once again that we do. Use all the tools at your disposal to do so.”
The Federal Communications Commission also requires cell phone and internet companies to provide prices to consumers at the time of purchase.announced by the Ministry of Land, Infrastructure, Transport and Tourism new rule The president said he is calling for airlines and search websites to disclose hidden fees upfront.
Biden said the measures would help keep inflation in check by lowering family costs.
“When companies have to compete, it’s a simple proposition. When they have to compete, they sell — they make better products, and — guess what? When there is competition, it doesn’t go up,” he said.