Joe Biden has announced slash of late fees on credit cards:
On Wednesday White House was to announce that President Biden to propose cutting down excess credit card Fees and also reduce the prices charged by Apple Inc and Google parent Alphabet Inc on app stores as part of a larger polity to drive competition in the market.
Further, it was also going to ban hidden “junk files” and penalties with the help of Congress and President Joe Bidens request as per reports. The junk fees and penalties are creeping into everyday retail services across industries driving up consumer costs.
The Republicans were criticized by Biden about inflation but now they control the House of Representatives for tax measures that middle-class the wealthy at the expense of middle class taxpayers as per Biden.
It is expected that Biden would announce bid for re election in the coming weeks. He has also slammed Republicans refusing to approve increase in the U.S. Debt ceiling unless there’s a deal on spending cuts. The announcement coincides with the meeting done between Biden and Kevin Mccarthy House Speaker which is to start maneuvering on raising $31.4 trillion borrowing cap.
On Wednesday a rule to ban “excessive” fees on credit cards as late payments shall be proposed by the Consumer Financial Protection Bureau which is estimated to cost consumers almost $12 billion a year as per Bureau.
“When someone misses a credit card payment, even if they paid just a day or two late, or even a few hours, they can be hit with a cascading series of fees,” CFPB Director Rohit Chopra told reporters in a Tuesday call.
He says that the fees exceed far any additionally costs incurred by lender and that the rule would limit the threshold at $8 which is indicated by data analysis of CFPB. The rule could take effect in 2024 but the regulations are subject to challenge and litigation by various groups that can block or delay them.
Biden Denouncing the Dominance of Tech Giants:
A report is also to be released denouncing the dominance in the market enjoyed by the giants Apple and Google in the economy, as per National Tele-communications and Information Administration Department (NTIA). The softEcos ecosystems is said to drive costs and limit innovation.
The Transportation department is said to propose on Wednesday regulations to bar airlines from 13 year old children to be seated besides family members. The report also calls for control the platform operators self-preference for their own apps and in app payments to be banned.
