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Biden introduces administration’s plans to extend competition across industries

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U.S. President Joe Biden pictured in London on September 18, 2022. Biden said in an interview broadcast on Sunday that U.S forces would defend Taiwan within the event of a Chinese invasion, his most explicit statement up to now on the problem.

Brendan Smialowski | Afp | Getty Images

President Joe Biden announced his administration’s plans to crack down on fees and increase competition across various industries on Monday.

During a speech at a gathering on the White House Competition Council, the president said unnecessary hidden fees, or “junk fees” were weighing down families’ budgets.

“Families shouldn’t should pay these fees,” the president said. “It’s all taking money out of the pockets of average Americans.”

The Competition Council was created by the Biden administration to “promote competition with a goal of lowering prices for consumers and raising the wages of staff and inspiring innovation within the economy,” Biden said. “We made some real progress,” he added.

Biden called out banks for charging overdraft fees on checking accounts, late fees for bank cards, hotel processing fees and termination fees charged by cellular phone and web providers.

He said that three-quarters of America’s 20 largest banks were eliminating fees — which averaged $50 — for bounced checks as a consequence of the committee’s efforts. The changes will put the federal government heading in the right direction to lowering overdraft fees by $3 billion a yr, Biden said.

The council also took steps toward fairness within the meat and poultry industries by providing grants to small meat processors so that they can compete with the 4 biggest meat producers that set the market prices.

Agriculture Secretary Tom Vilsack, who’s a member of the Competition Council, said Monday that USDA “is targeted on constructing recent, fairer, and more resilient markets, protecting producers, and reducing food costs, and we’re proving again today that we are going to use all tools at our disposal to accomplish that.”

The Federal Communication Commission can be mandating cellular phone and web corporations present fees to consumers on the time of purchase. The Department of Transportation announced recent rules to require airlines and search web sites to reveal hidden fees upfront, the president said.

Biden said the measures will help reduce inflation by lowering costs for families.

“When corporations should compete — it’s an easy proposition. After they should compete, they sell — they make higher products and — guess what? — the worth goes down. It doesn’t go up when there’s competition,” Biden said.

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