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Biden announces ‘strike force’ to crack down on ‘unfair and illegal’ prices | Biden administration

Joe Biden has announced a “strike force” to crack down on “unfair and illegal” prices as consumers continue to grapple with high costs in the run-up to the November election.

The new commission will target companies “when they seek to deceive Americans.” Biden administration Said.

The announcement comes as millions of Americans continue to struggle with rising prices after inflation soared to its highest level in a generation two summers ago. Price increases have slowed significantly since then, but many people are still feeling the pinch.

“Despite falling prices for essential items like a gallon of milk or a dozen eggs, some companies are passing those savings on to consumers,” said Lael Brainard, president of the National Economic Council. Instead, some companies charge additional fees, hide costs, and in some cases even break the law.”

Brainard added that Biden is “tired of corporate practices that unfairly raise costs for consumers and is taking action.”

The Biden administration has consistently criticized the industry. us monopolyCurrently, industries such as airlines, car manufacturing, food products, and health insurance are dominated by a small number of companies.

Biden signed it in 2021, his first year in office. presidential order To encourage competition, he argued that “too many markets are becoming less competitive as industries consolidate.” Federal agencies are taking a tougher stance on mergers with the Federal Trade Commission (FTC) and the Department of Justice, trying to block them. JetBlue and Spirit Airlines Agreement – concludes that they hurt competition.

The Consumer Financial Protection Bureau is expected to finalize a rule Tuesday aimed at reducing “out-of-control” late fees on credit cards. The measure hopes to lower the average fee of about $32 to $8, and the Biden administration says it will result in an annual savings of $220 for the more than 45 million Americans who are charged such fees each year. It is claimed that it will be.

CFPB Director Rohit Chopra said, “Nearly all of the major credit card companies raise their fees every year under the pretext of automatic inflation adjustment.” The new rules target the largest card issuers.

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A “strike force” led by the FTC and the Department of Justice encourages relevant federal agencies to share more data and work together to target companies that break the law and keep prices high. was established to.

Summarize this content to 100 words Joe Biden has announced a “strike force” to crack down on “unfair and illegal” prices as consumers continue to grapple with high costs in the run-up to the November election.The new commission will target companies “when they seek to deceive Americans.” Biden administration Said.The announcement comes as millions of Americans continue to struggle with rising prices after inflation soared to its highest level in a generation two summers ago. Price increases have slowed significantly since then, but many people are still feeling the pinch.”Despite falling prices for essential items like a gallon of milk or a dozen eggs, some companies are passing those savings on to consumers,” said Lael Brainard, president of the National Economic Council. Instead, some companies charge additional fees, hide costs, and in some cases even break the law.”Brainard added that Biden is “tired of corporate practices that unfairly raise costs for consumers and is taking action.”The Biden administration has consistently criticized the industry. us monopolyCurrently, industries such as airlines, car manufacturing, food products, and health insurance are dominated by a small number of companies.Biden signed it in 2021, his first year in office. presidential order To encourage competition, he argued that “too many markets are becoming less competitive as industries consolidate.” Federal agencies are taking a tougher stance on mergers with the Federal Trade Commission (FTC) and the Department of Justice, trying to block them. JetBlue and Spirit Airlines Agreement – concludes that they hurt competition.The Consumer Financial Protection Bureau is expected to finalize a rule Tuesday aimed at reducing “out-of-control” late fees on credit cards. The measure hopes to lower the average fee of about $32 to $8, and the Biden administration says it will result in an annual savings of $220 for the more than 45 million Americans who are charged such fees each year. It is claimed that it will be.CFPB Director Rohit Chopra said, “Nearly all of the major credit card companies raise their fees every year under the pretext of automatic inflation adjustment.” The new rules target the largest card issuers.Skip past newsletter promotionssign up for today’s businessGet ready for work – all the business news and analysis you need every morningPrivacy Notice: Newsletters may include information about charities, online advertising and content funded by external organizations. For more information, see privacy policy. We use Google reCaptcha to protect our website and Google. privacy policy and terms of service Apply.After newsletter promotionA “strike force” led by the FTC and the Department of Justice encourages relevant federal agencies to share more data and work together to target companies that break the law and keep prices high. was established to.
https://www.theguardian.com/us-news/2024/mar/05/biden-strike-force-unfair-illegal-prices Biden announces ‘strike force’ to crack down on ‘unfair and illegal’ prices | Biden administration

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