The Federal Trade Commission is proposing a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration. Administration officials have said these additional costs can mislead, inflate prices and waste people’s time. FTC Chair Lina Kahn says violators will be subject to civil penalties and be required to 'pay back Americans that they tricked.”
FILE - The Federal Trade Commission building in Washington, on Jan. 28, 2015. The Federal Trade Commission on Oct. 11, 2023, proposed a rule to ban any hidden and bogus “junk” fees, which can mask the total cost of concert tickets, hotel rooms and utility bills. President Joe Biden has made the removal of these fees a priority of his administration.
The FTC proposal is being coupled with the Consumer Financial Protection Bureau announcing that it will block large banks from charging junk fees in order to provide basic customer services.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 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. But some business groups are skeptical that people will realize actual savings. After Biden discussed junk fees at a February meeting with aides, the U.S. Chamber of Commerce issued a statement that the “Washington-knows-best approach” would lead to fewer choices for consumers and make the economy less competitive.
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