WASHINGTON — Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, issued the following statement applauding the announcement of new actions from the Biden administration, Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) to ban junk fees:
“Today, the Biden administration is showing the country what bold, progressive economic policy looks like. I applaud the President, Chair Khan, and Director Chopra for these new actions to ban junk fees. It’s just the latest move in their relentless fight to take on corporate power and put it back in the hands of consumers and working people.
“We have all experienced the pain of junk fees: the fees on overdraft, inactivity, or even checking a bank account that keep people trapped in a poverty; the outrageous sums hidden from view when we book air travel, rent a car, or buy concert tickets; the exorbitant extra costs added on to already expensive medical care. Cracking down on junk fees will put money back in working people’s pockets and help middle-class families afford the things they need. The requirement for transparent pricing is essential to an anti-monopoly agenda that forces corporations to compete for business and ensures consumers have the information they need to make the choice that’s best for them.“Today’s order builds on an exciting record of corporate accountability policy from the Biden administration, including through the CFPB’s action on banking junk fees that has already saved consumers nearly $2 billion since 2021. This is also the fifteenth action taken from our 2023 Progressive Caucus Executive Action Agenda, following taking on airline industry misconduct, raising the overtime pay threshold, investing in the care economy, and more. Progressives look forward to continuing to work with the FTC, CFPB, and White House to implement this exciting policy and to make progress for the American people.”