Biden Proposes Bill to Cut "Junk Fees"

Facts

• During the fourth meeting of the Presidential Competition Council on Wednesday, US Pres. Joe Biden urged Congress to pass a bill known as the Junk Fee Protection Act to curb hidden fees across various industries.
• The legislation — a joint proposal with the Consumer Financial Protection Bureau (CFPB) — takes aim at reducing or eliminating allegedly excessive consumer fees placed on online ticket purchases for concerts, sporting events, and other entertainment events.
• It also targets airline fees for families traveling together, resort and destination fees, and the costs associated with canceling TV subscriptions, phone, and internet services.
• The CFPB also proposed cutting late credit card fees to $8 — a move estimated to save families billions of dollars and make the credit card market more competitive.
• Currently, credit card companies charge roughly $30 for late fees. The cumulative total of fees collected is estimated at $9B annually. Following a comment period and the finalization of the new rule, the $8 fee maximum would go into effect in 2024.
• The meeting also saw the Commerce Dept. release a report evaluating Apple's and Google's hold in the app world, issuing calls for an end to the companies' alleged "self-preference" for their own apps and a ban on requirements that apps use the companies' in-app payment network.

Sources: CNN, FOX News, Bloomberg, and Reuters.

Narratives

• Democratic narrative, as provided by The Washington Post. Pres. Biden and his economic policies — such as this latest effort — have brought the US into the best economic growth since the former Pres. Bill Clinton was in office, even in the face of the current tumultuous environment. While consumer prices have risen faster under the Biden presidency, the economy overall is in much better shape than he's given credit for. Once inflation slows, his leadership through tough economic times will shine.
• Republican narrative, as provided by Townhall. Not only is the economy actually suffering, but Biden doesn't seem to notice, showing how out of touch the White House is with the American people. Under his administration, inflation rates have risen to their highest in 40 years, and 78% of Americans believe the economy is getting worse. As Biden continues to lie to the American people about the state of their pockets, Americans are left wondering where a soft-landing spot will be found.
• Cynical narrative, as provided by Daily Mail. While Biden may have good intentions, targeting these so-called "junk fees" may actually end up costing Americans more. These extra fees are what's known as "unbundling," which allows consumers to pay more or less depending on the services they need. By getting rid of them, businesses will likely level the playing field by raising and standardizing prices, forcing customers to pay for services they don't want.