On Monday, President Joe Biden unveiled his administration’s efforts to reduce fees and boost competition in a variety of businesses.
The president stated during a speech at a gathering of the White House Competition Council that “junk fees” were draining the finances of families.
The president remarked, “Families shouldn’t have to pay these costs. All of this drains money from the pockets of regular Americans.
In order to “encourage competition with a purpose of lowering prices for consumers, raising the wages of employees, and stimulating innovation in the economy,” Biden declared, the Competition Council was established by the Biden administration. He continued, “We really made some progress.
The use of overdraft fees on checking accounts, late fees for credit cards, hotel processing fees, and termination costs by cell phone and internet companies were also criticised by Biden.
He claimed that as a result of the committee’s work, 75 percent of the 20 biggest banks in America have eliminated bounced check penalties, which typically cost $50. According to Biden, the adjustments will put the government on track to reduce overdraft costs by $3 billion annually.
By awarding funds to small meat processors so they may compete with the four largest meat producers, who determine market prices, the council also took measures toward justice in the meat and poultry industries.
USDA is focused on creating new, equitable, and more resilient markets, safeguarding producers, and lowering food costs, Agriculture Secretary Tom Vilsack, a member of the Competition Council, said on Monday. “We are proving again today that we will utilise all means at our disposal to do so,” he added.
Additionally, the Federal Communication Commission is requiring internet and cell phone providers to disclose prices to customers at the time of purchase. According to the president, the Department of Transportation has announced new regulations requiring airlines and search engines to clearly disclose any advance surcharges.
Inflation will be lowered by the measures, according to Biden, by cutting prices for families.
“When businesses must compete, the idea is straightforward. When businesses are forced to compete, sales increase, products get better, and — surprise! — prices decrease. When there is competition, it doesn’t rise, according to Biden.