Chopra’s upcoming proposal promises to smoothen the path for consumers to seamlessly transfer banking data, fortifying competition and checking junk fees in the banking sector.
California’s Vanguard Move & National Focus on Transparency
Echoing the FTC’s sentiments, California, under the leadership of Democratic Gov. Gavin Newsom, has laid down stringent laws against junk fees, championing consumer rights. S.B. 478, an emblematic bill, aims to dispel deceptive pricing strategies, warning companies of hefty fines for non-compliance.
And it isn’t just a state-level crusade. The U.S. Senate Commerce Committee has forwarded the TICKET Act, targeting the likes of Live Nation and Ticketmaster, ushering in a new era of transparent “all-in” pricing.
As the Biden administration forges ahead in its war against junk fees, National Economic Council Director, Lael Brainard, aptly captures the essence: While these concealed fees might be pocket change for the affluent, they’re significant burdens for average Americans.
