The Biden administration took another shot at unpopular junk fees on Wednesday by proposing that businesses be required to disclose mandatory fees up front and instructing banks not to impose excessive charges for basic information such as account balances.
The battle against junk fees is part of President Joe Biden’s administration’s effort to ease strains on voter pocketbooks as an election year approaches.
Biden, a Democrat, is running for a second four-year term, and Republicans are hammering him over inflation and the state of the economy.
Biden said that his administration had worked to fight junk fees in industries ranging from banking to hotels to live entertainment, rental housing and cable.
“Research shows that without realizing it, folks can end up paying as much as 20% more because of hidden junk fees than they would have paid if they could see the full price up front and compare it with other options. It’s wrong,” Biden said during remarks in the White House Rose Garden.
