White House Announces New Actions To "Promote Competition" And "Lower Costs"

President Biden’s Competition Council will meet today at 14:30 ET 19:30 GMT to announcethree actions (fact sheet) to, “promote competition and lower costs,” and release a new report showing that the administration's, “work to eliminate junk fees will save Americans more than [USD]$20 billion each year.”

• In one action, the Consumer Financial Protection Bureau (CFPB) has “finalized a rule” to curtail late fees charged by credit card companies which the White House claims will save credit card users USD$10 billion per year.
• WaPo writes that the fate of the action, “remains unclear, because the banking industry is expected to sue the CFPB, adding to the agency’s legal woes as the Supreme Court is weighing the future of its funding and regulatory powers in a separate pending case.”
• National Economic Council Director Lael Brainard told reporters yesterday: “The CFPB’s efforts here are part of a broader effort... The administration’s actions on banking junk fees alone will save Americans more than [USD]$20 billion every year.”
• The other two actions will protect farmers against "deceptive practices" by meat processors initiate a new “strike force” to, “crack down on unfair and illegal pricing.”
• According to the White House, “This Strike Force will strengthen interagency efforts to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices.”
• Brainard said: “Some corporations are tacking on extra fees, hiding costs and sometimes even breaking the law."