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☆ Biden to launch joint FTC-DOJ task force to crack down on 'unfair and illegal pricing'
▼ + stars: | 2024-03-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. Kevin Wurm | ReutersPresident Joe Biden on Tuesday will launch a new task force to take on "unfair and illegal" corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy. The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration's aggressive regulatory agenda over the past three years. The announcements and the meeting are part of Biden's ongoing crusade against corporate pricing practices that he claims are unfair. Lael Brainard, vice chair of the US Federal Reserve, speaks during an interview in Washington, DC, on Monday, Nov. 14, 2022.

Persons: Lina Khan, Kevin Wurm, Joe Biden, Biden, Antitrust Jonathan Kanter, Khan, Kanter, Jonathan Kanter, Kevin Dietsch, Lael Brainard, inhalers, Brainard, Andrew Harrer Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Department of Justice, Biden, Force, Antitrust, Justice Department, White, Competition Council, Economic, Consumer Financial, Agriculture Department, US Federal Reserve, Bloomberg, Getty Locations: Washington ,, Washington , DC, U.S

☆ Credit card late fees capped at $8 as part of Biden administration crackdown on junk fees
▼ + stars: | 2024-03-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The new rule applies to large credit card issuers – those with more than 1 million accounts. These companies represent more than 95% of total outstanding credit card debt, according to the CFPB. It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. Some borrowers, especially Millennials and those with lower incomes, have been falling behind on their credit card debt following more than two years of high inflation.

Persons: Biden, ”, Rohit Chopra, “, Greg Baer, Joe Biden, “ It’s, Chuck Bell Organizations: CNN, Consumer Financial, White, Bank Policy Institute, Council, Consumer

☆ Biden’s pro-competition agenda put to the test as net neutrality, tech trials take shape
▼ + stars: | 2023-09-29 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Shortly after that, the Federal Communications Commission chair announced a proposal to reinstate net neutrality rules, which prohibit internet service providers from favoring certain websites over others. It included appointing strong enforcers and starting the White House Competition Council. Even as several prongs of competition policy take shape, the Biden administration is up against the clock. That timeline may be particularly concerning for the ability to implement and uphold net neutrality rules, given that the FCC didn't have a Democratic majority able to advance the rulemaking until just this week. Wu and other net neutrality advocates have blamed the telecom industry for opposing Biden's initial FCC nominee, Gigi Sohn, holding up her nomination for well over a year until she ultimately withdrew.

Persons: Joe Biden, Department's, Anna Gomez, Biden, Tim Wu, Wu, Hannah Garden, Gigi Sohn Organizations: White, Federal Trade Commission, Amazon, Federal Communications Commission, Department of Justice, Google, Washington , D.C, FCC, Antitrust, Biden, Competition Council, FTC, Competition, Democratic, CNBC, Comcast Locations: Washington U.S, Washington ,

☆ US OKs state auto-repair law after raising hacking concerns
▼ + stars: | 2023-08-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

After discussions with Massachusetts, NHTSA said the state had clarified that automakers could comply with the law using a "short-range wireless compliance approach, implemented appropriately." The Massachusetts attorney general's office said it appreciated "NHTSA’s clarification today that our state law is not preempted by federal law." Automakers now must comply with the state law, the office said. The Alliance for Automotive Innovation, a trade group representing major automakers including General Motors (GM.N), Toyota Motor (7203.T) and Volkswagen (VOWG_p.DE) declined to comment but previously argued the state law would require automakers "to remove essential cybersecurity protections from their vehicles." The White House competition council engaged behind the scenes to help reach a resolution, a senior administration official said.

Persons: Brian Snyder, general's, Senators Elizabeth Warren, Ed Markey, David Shepardson, Jonathan Oatis, Andy Sullivan Organizations: Boston, REUTERS, Rights, Traffic Safety Administration, NHTSA, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Senators, Massachusetts, House, Thomson Locations: Somerville , Massachusetts, U.S, Massachusetts

It has already taken aim at meatpacking, ocean shipping and consumer junk fees. "We cannot accept bad mergers that lead to mass layoffs, higher prices and fewer options for workers and consumers," Biden said. Hannah Garden Monheit, the new director of Competition Council Policy at the National Economic Council, told Reuters the administration would "use all the tools that we have" to curb anti-competitive practices. [1/2]U.S. President Joe Biden speaks as he convenes a meeting of the White House Competition Council in the State Dining room at the White House in Washington, U.S., July 19, 2023. Biden has repeatedly called for federal agencies, Congress and private companies to address surprise fees that can jack up consumers' cost by 20%.

Persons: Joe Biden, Biden, I've, Hannah, Monheit, Sean Heather, Evelyn Hockstein Morgan Harper, Harper, Elizabeth Warren, Andrea Shalal, Diane Bartz, Leah Douglas, Leslie Adler, Heather Timmons, Daniel Wallis, Diane Craft Organizations: White House Competition Council, WASHINGTON, White, Biden, House, Competition, National Economic Council, Reuters, U.S . Chamber of Commerce, Competition Council, REUTERS, Consumer Financial, Bureau, American Economic Liberties, Big Tech, Google, Democratic, Federal Trade Commission, Department of Agriculture, D.C, Thomson Locations: U.S, Washington , U.S, Washington

☆ Biden creates new competition role on National Economic Council
▼ + stars: | 2023-07-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Summary White House readying actions in new corporate sectorsCompetition Council to have fifth meeting on WednesdayIndustry chafes at 'regulatory overreach'WASHINGTON, July 18 (Reuters) - President Joe Biden has created a new role on the National Economic Council (NEC) to tackle anticompetitive business practices, naming NEC member Hannah Garden-Monheit as Director of Competition Council Policy, the White House said on Tuesday. One may be the retail sector, which National Economic Council Director Lael Brainard singled out last October before leaving her job as Federal Reserve vice chair, arguing it had "ample room" to "recompress margins" after COVID-19 price hikes. "Institutionalizing competition policy within the National Economic Council and the White House is another critical step ... to make sure we right the wrongs of failed antitrust enforcement and competition policy enforcement for the last several decades." Columbia University Professor Timothy Wu, who led the White House antitrust push until December, said Biden's decision to create a specific role centered on the competition council reflected its importance. "Creating a White House director of competition policy is a big deal — it cements the White House role in antitrust policy and ensures a lasting impact," he said.

Persons: Joe Biden, Hannah Garden, Biden, Monheit, Lael Brainard, Morgan Harper, Timothy Wu, Andrea Shalal, Josie Kao, Matthew Lewis Organizations: Competition Council, Industry, National Economic Council, NEC, Competition, Reuters, Economic, Reserve, U.S . Chamber, Commerce, Council, Consumer Financial, Bureau, American Economic Liberties, Columbia, White, Thomson Locations: WASHINGTON, U.S, Wednesday's, Washington

☆ Biden creates new anti-competition role on National Economic Council
▼ + stars: | 2023-07-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Biden created the council as part of an executive order two years ago to crack down on anti-competitive practices in sectors from agriculture to drugs and labor, and find ways to lower prices for consumers. She said would work with Congress to curb anti-competitive practices in agriculture, while seeking new focal areas. One may be the retail sector, which National Economic Council Director Lael Brainard singled out last October before leaving her job as Federal Reserve vice chair, arguing it had "ample room" to "recompress margins" after COVID-19 price hikes. Columbia University Professor Timothy Wu, who led the White House antitrust push until December, sans the new title, said Biden's decision to create a specific role centered on the competition council reflected its importance. "Creating a White House director of competition policy is a big deal — it cements the White House role in antitrust policy and ensures a lasting impact," he said.

Persons: Joe Biden, Hannah Garden, Biden, Monheit, Lael Brainard, Timothy Wu, Andrea Shalal, Josie Kao Organizations: Competition Council, Industry, National Economic Council, NEC, Competition, Reuters, Economic, Reserve, U.S . Chamber, Commerce, Council, Columbia University, White, FDR, Thomson Locations: WASHINGTON, U.S, Wednesday's, Washington

☆ Biden to announce Live Nation and Ticketmaster will allow consumers to see all fees up front
▼ + stars: | 2023-06-15 | by ( Sam Fossum | ) edition.cnn.com time to read: +3 min

“President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees,” said National Economic Council Director Lael Brainard in a written statement. These include Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation. Ticketmaster has also promised to add a feature to allow customers to see the full price upfront for all other tickets sold on its platform. Live Nation and Ticketmaster merged to form Live Nation Entertainment in 2010. It is also just a first step towards addressing junk fees in the economy,” a White House fact sheet states.

Persons: Joe Biden, “, Biden, ”, Lael Brainard, ” Biden Organizations: CNN, Ticketmaster, Economic, White, Pablo Center, Newport Festivals Foundation, House, Entertainment, Biden’s Transportation Department, Competition Locations: SeatGeek, Iowa

☆ Voters say neither Biden nor Trump should run in 2024 - Reuters/Ipsos
▼ + stars: | 2023-04-25 | by ( Jason Lange | ) www.reuters.com time to read: +3 min

Just 41% of poll respondents - including 74% of Democrats and 10% of Republicans - approved of his performance as president. Sixty-one percent of registered Democrats in the poll said he was too old to work in government. By comparison, only 35% of registered Republicans said Trump, 76, was too old. In a hypothetical one-on-one contest, Biden led Trump 43% to 38% among registered voters, a lead for the Democrat that was just outside the poll's 4 percentage point credibility interval for registered voters. The Reuters/Ipsos poll gathered responses from 1,005 adults across the United States, including 445 self-described Democrats and 361 Republicans.

☆ Biden moves to slash U.S. credit card fees, app charges
▼ + stars: | 2023-02-01 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

The Consumer Financial Protection Bureau will propose on Wednesday a rule to ban "excessive" fees that credit card issuers charge for late payments, something the bureau estimated costs consumers $12 billion a year. However, regulations are frequently subject to challenge and litigation by industry groups that can block or delay them. The White House said the Transportation Department on Wednesday will propose regulations to bar airlines from charging family members to be seated next to children age 13 or younger. The department will disclose on a government dashboard which airlines do not charge such fees. Reporting by Douglas Gillison and David Shepardson; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Biden to take aim at junk fees in Competition Council meeting Wednesday
▼ + stars: | 2023-02-01 | by ( Dj Judd | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden is slated to announce new progress on his administration’s “competition agenda” during the fourth meeting of the Presidential Competition Council on Wednesday, taking steps to slash junk fees while calling on Congress to pass legislation targeting hidden and exorbitant fees across the travel, entertainment, utility and hospitality industries. Rohit Chopra, director of the Consumer Financial Protection Bureau, said Biden will announce that the CFPB will propose a rule slashing excessive credit card late fees in a move the White House says will reduce those fees from $30 to $8 on average, saving American consumers as much as $9 billion a year. “Over a decade ago, Congress banned excessive credit card late fees, but companies have exploited a regulatory loophole that has allowed them to escape scrutiny for charging an otherwise illegal junk fee,” Chopra said in a statement to CNN. “Today’s proposed rule seeks to save families billions of dollars and ensure the credit card market is fair and competitive.”On a call with reporters Tuesday, National Economic Council Director Brian Deese said Biden will also use the meeting to call on Congress to pass a “Junk Fee Prevention Act,” targeting four types of excessive fees — excessive online concert, sporting event, and entertainment ticket fees; airline fees for families sitting together on flights; exorbitant early termination fees for TV, phone and internet services; and surprise resort and destination fees. “But they also reduce competition and make it more difficult for innovators and new businesses to break into markets and offer better services at lower prices.”Earlier this year, lawmakers grilled Live Nation president and CFO Joe Berchtold following a ticket sales debacle over exorbitant ticketing fees.

The White House will likely appoint Federal Reserve Vice Chair Lael Brainard to run the National Economic Council and Jared Bernstein to lead the Council of Economic Advisers, sources familiar with the matter tell CNBC. The appointments are expected to be announced after incoming White House Chief of Staff Jeff Zients assumes his role, as soon as next week. Bernstein is a member of the board he is expected to head, the White House Council of Economic Advisers. The White House is holding a ceremony on Wednesday to thank outgoing White House Chief of Staff Ron Klain and welcome Zients to the position. Current White House NEC Director Brian Deese is expected to depart imminently, sources said.

"These are junk fees," President Joe Biden told reporters at the Eisenhower Executive Office Building. The White House said the move could eliminate billions in banking fees. The agency said that both fees likely violate the Consumer Financial Protection Act's prohibition on unfair fees that are unavoidable to consumers. In a fact sheet, the White House noted that bank overdraft and non-sufficient funds fees accounted for an estimated $15.5 billion in revenue for banks in 2019. He cited processing fees for concert tickets and resort fees at hotels as two items his administration is examining.

"These are junk fees. The agency said that both fees likely violate the Consumer Financial Protection Act's prohibition on unfair fees that are unavoidable to consumers. In a fact sheet, the White House noted that bank overdraft and non-sufficient funds fees accounted for an estimated $15.5 billion in revenue for banks in 2019. He cited processing fees for concert tickets and resort fees at hotels as two items his administration is examining. There's tens of billions of dollars and other junk fees across the economy that I'm directing my administration to reduce or eliminate," Biden said.

☆ Biden wants to clamp down on airlines charging hidden fees, which can lead to families spending hundreds of dollars more than they planned
▼ + stars: | 2022-09-27 | by ( Stephen Jones | ) www.businessinsider.com time to read: +2 min

President Biden aims has announced new proposals to help customers find the best airfares. Under new proposals, airlines would have to tell customers the total ticket cost upfront. The proposals, announced Monday, aim to stop airlines charging passengers hidden fees. Airlines often charge customers additional fees to check baggage, choose seats, or alter flights after they have selected a flight based on its ticket price alone. The fees can lead to people paying hundreds of dollars more than they'd planned.

☆ Biden tells gas stations to bring down prices at the pump immediately, as he slams high profits and delays passing on cost cuts
▼ + stars: | 2022-09-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Biden urged gas station operators to cut prices at the pump to reflect declining global oil prices. The US president said "do it now", noting it takes a long time for lower prices to be passed on. He said Americans pay for the energy companies' record profits through the inflation they face. He has vowed to combat rising gas prices as inflation runs near 40-year highs in the US economy. Biden's remarks echo the criticisms he launched at oil and gas companies when energy prices prices peaked.

☆ Biden introduces administration's plans to increase competition across industries
▼ + stars: | 2022-09-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

President Joe Biden announced his administration's plans to crack down on fees and increase competition across various industries on Monday. During a speech at a meeting at the White House Competition Council, the president said unnecessary hidden fees, or "junk fees" were weighing down families' budgets. The Competition Council was created by the Biden administration to "promote competition with a goal of lowering prices for consumers and raising the wages of workers and encouraging innovation in the economy," Biden said. The changes will put the government on track to lowering overdraft fees by $3 billion a year, Biden said. It doesn't go up when there's competition," Biden said.

☆ U.S. plans rule to protect livestock farmers from company retaliation
▼ + stars: | 2022-09-26 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

It would also seek to protect farmers who may be at a higher risk for mistreatment because of their race, gender, sexuality or religion, the agency said. The rule would revise regulations under the Packers and Stockyards Act, a century-old law meant to protect farmers from unfair market practices. In May, the USDA proposed another rule that would require poultry companies to be more transparent with contract chicken growers. The rules aim to improve on previous USDA efforts to protect farmers. Separately, executives who worked for Pilgrim's Pride (PPC.O) and another poultry producer were found not guilty of fixing prices in the poultry sector this year.

☆ U.S. proposes requiring new airline fee disclosure rules
▼ + stars: | 2022-09-26 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

This is the latest in a series of rules the Biden administration has proposed to boost airline consumer protections. "Airline passengers deserve to know the full, true cost of their flights before they buy a ticket," said U.S. Transportation Secretary Pete Buttigieg. Last month, Buttigieg told Reuters airline rules were in need of a "refresh." In July 2021, USDOT proposed rules to require airlines to refund fees for significantly delayed bags and refunds for services like onboard Wi-Fi that do not work. Under existing U.S. rules, passengers are entitled to a fee refund if bags are lost, but not when delayed.

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