The White House on Wednesday unveiled fresh efforts to slash credit card late fees and drive down the prices that Apple Inc and Google parent Alphabet Inc charge on mobile app stores.
The move is part of a larger policy drive to promote competition in consumer markets, officials said.
President Joe Biden was also set to urge Congress to ban hidden “junk fees” and penalties that a federal consumer watchdog says are creeping into everyday retail services across industries, driving up consumer costs, including fees airlines charge for family members to sit next to young children, White House officials said.
Biden has been beating the drum on inflation, criticizing Republicans who now control the House of Representatives for backing tax measures that he said would benefit the wealthy at the expense of middle-class taxpayers.
Biden, who is expected to announce a bid for re-election in the coming weeks, has also been slamming Republicans for their refusal to approve an increase in the U.S. debt ceiling unless there is a deal on spending cuts.
Wednesday’s announcement coincides with a scheduled meeting between Biden and House Speaker Kevin McCarthy that is likely to mark the start of protracted maneuvering on raising the $31.4 trillion borrowing cap.
The Consumer Financial Protection Bureau will propose on Wednesday a rule to ban “excessive” fees that credit card issuers charge for late payments, something the bureau estimated costs consumers $12 billion a year.
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