Harris Outlines Plans to Curb Price Gouging and Ban Hidden Fees Ahead of Election

U.S. Vice President Kamala Harris has committed to tackling price gouging, reducing costs and eliminating hidden bank fees if she wins the November 5 general election, where she is anticipated to be the Democratic presidential nominee, according to Reuters. 

At a political rally in Atlanta, Harris emphasized her intent to address these issues from the very start of her potential presidency. “On day one, I will take on price gouging and bring down costs,” she declared. “We will ban more of those hidden fees and surprise late charges that banks and other companies use to pad their profits,” she added, per Reuters.

Harris highlighted that despite rising wages, the cost of living remains high. Her plan includes focusing on curbing what she terms as price gouging and expanding efforts to eliminate hidden fees, which the Biden Administration has previously targeted. Last year, the administration, alongside the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), aimed to combat these “junk fees” that add significant costs to consumers. The CFPB recently implemented a rule reducing typical credit card fees from $32 to $8, though Harris argues additional measures are necessary.

However, some regulations are facing setbacks. A federal appeals court has temporarily blocked a Biden administration rule requiring airlines to disclose additional fees, following a lawsuit from a major airline group. The 5th U.S. Circuit Court of Appeals suggested that the rule might overstep government authority and potentially harm airlines irreparably, per PYMNTS.

On housing, Harris reiterated her commitment to addressing challenges related to corporate landlords and rent increases. She indicated support for the Biden administration’s proposal to limit annual rent hikes to 5% for landlords managing over 50 properties, despite opposition from housing advocates who argue that such measures could exacerbate housing shortages.

Furthermore, Harris plans to advocate for affordable health care and will focus on reducing prescription drug costs while taking on Big Pharma, according to Reuters.

Source: Reuters