Biden Administration Proposes Ban on Hidden Fees Across Industries to Protect Consumers

The Federal Trade Commission has proposed a new rule to ban hidden "junk fees" that cost consumers billions annually.
The proposed rule aims to require upfront disclosure of all mandatory fees and total prices by businesses.
Companies could face penalties and be required to provide refunds if charging junk fees under the rule.
The Consumer Financial Protection Bureau will also prohibit banks from charging fees for basic services like checking account balances.
The efforts are part of the Biden administration's push to promote transparency and fairness for American consumers.