What are junk fees and how is President Biden tackling them?
President Joe Biden said Americans are "being played for suckers" by airlines, banks and other service providers in this week's State of the Union speech.His administration wants a crackdown on these charges as part of its efforts to promote competition in the US economy.
At least 85% of Americans have encountered such fees, according to a 2019 survey by Consumer Reports, and they can drive up costs far beyond what a consumer had expected to pay. At least three federal agencies have also taken action over the past two years to reduce junk fees and increase transparency.
Consumer rights advocates have said Ticketmaster - which controls 70% of the ticketing and live event venues market - uses its market dominance to artificially inflate ticket costs with fees and service charges."No-one has ever felt that a 'convenience fee' was convenient," Federal Trade Commission Chair Lina Khan said in October. "Companies should compete to provide the best quality at the best price, not to see who can squeeze the most added expenses out of consumers.
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