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The White House Renews Its Attack on ‘Surprise Fees’ The White House Renews Its Attack on ‘Surprise Fees’
(about 20 hours later)
With inflation still a potent political issue, President Biden is stepping up his war on so-called junk fees.With inflation still a potent political issue, President Biden is stepping up his war on so-called junk fees.
At the White House on Thursday, he will host a panel of executives from several companies, including Airbnb and Live Nation, which drew outrage from consumers over its botched ticket sales for Taylor Swift’s tour last year.At the White House on Thursday, he will host a panel of executives from several companies, including Airbnb and Live Nation, which drew outrage from consumers over its botched ticket sales for Taylor Swift’s tour last year.
The companies are expected to announce new efforts to “end surprise fees,” the White House said, including through price-transparency commitments and other ways of fully disclosing upfront costs to consumers. The administration hopes that the changes will be adopted by companies across a wide array of industries, including live events and travel.The companies are expected to announce new efforts to “end surprise fees,” the White House said, including through price-transparency commitments and other ways of fully disclosing upfront costs to consumers. The administration hopes that the changes will be adopted by companies across a wide array of industries, including live events and travel.
Mr. Biden has made a junk-fee ban a priority. In his State of the Union address in February, he denounced the added costs: “I know how unfair it feels when a company overcharges you and gets away with it.”Mr. Biden has made a junk-fee ban a priority. In his State of the Union address in February, he denounced the added costs: “I know how unfair it feels when a company overcharges you and gets away with it.”
He has asked several federal regulators, including the Consumer Financial Protection Bureau and the Transportation Department, to increase oversight of the opaque fees charged by banks and airlines. Meanwhile, the Federal Trade Commission has called for more widespread use of “click to cancel” options to make it easier for consumers to end subscriptions.
It’s a popular issue. Most Americans support limits on bank fees, while economists are increasingly accepting the idea of “greedflation,” where price gouging by companies pushes up inflation.