Biden Administration Focuses Efforts to Control Fees and Hidden Costs in Variety of Industries

The Run-Down: President Biden announced new measures his administration will be taking to cut down costs imposed on consumers

  1. The steps include reducing fees included in concert tickets, hotel resorts, airfare and cable companies
  2. This follows the U.S. Consumer Financial Protection Bureau’s move to limit bank overdraft fees, which Biden says will save consumers more than $1B each year

Why You Should Care:

With inflation at the highest its been in years, this news comes as a win to consumers everywhere. As rent prices increase, food prices skyrocket, and gas costs burning a hole in everyone’s pockets – we need all the help we can get.

News like this is important to keep up with it because it reminds us that we should always keep an eye on economic trends. With midterms coming up, both political parties will be making statements regarding the economy that will affect us all – regardless of where you fall on the party lines.

Biden claims that moving into the new year, his administration will be making the economic status of the U.S. a priority. As some economists claim a recession is coming, it’s time for us all to start putting our ducks in a row. If you are a business owner, an employee, or even just someone who’s interested in the market now is the time to start making some moves. 

Let’s all hope these new measures save us some coin, too!

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