Topic: Junk Fees

The Biden administration announced a new rule capping credit card late fees at $8, down from the previous average of $32. President Biden is also targeting "shrinkflation," using the Sesame Street character Cookie Monster on social media to highlight how companies are reducing product sizes while maintaining prices. The Chamber of Commerce has vowed to sue to block the new credit card fee regulations.

President Biden has directed his administration to eliminate "junk fees," which include hidden charges for concert tickets, hotel rooms, and bank overdrafts. The President highlighted the impact of these fees on low-income families, specifically citing unfair charges for bounced checks.