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.
"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 president added that junk fees also make it "harder for honest businesses who are trying to do the right thing.
Lael Brainard, director of the White House National Economic Council, said research indicates that hidden fees can cause consumers to pay as much as 20% more than had they known the total cost upfront and comparison shopped. "The proposed rule would prohibit corporations from running up the bills with hidden and bogus fees, requiring honest pricing and spurring firms to compete on honesty rather than deception,"said on a call with reporters. "Violators will be subject to civil penalties and be required to pay back Americans that they tricked."After Biden discussed junk fees at a February meeting with aides, the U.S.
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