Biden Takes Action to Eliminate Hidden 'Junk Fees'

President Biden is proposing a new rule to ban "junk fees" and require companies to show the full price upfront to consumers. The rule would apply to industries under the Federal Trade Commission's jurisdiction, including concert tickets, hotel rooms, and car rentals. Violators would face penalties and be required to compensate customers. The move is part of Biden's efforts to tackle junk fees, which cost Americans billions of dollars each year. The administration is also warning large banks and credit unions against charging fees for basic services. The Consumer Financial Protection Bureau will evaluate existing bank fees, and new rules will be proposed to make it easier to switch financial accounts and find better interest rates.