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Democrats may have lost power in Washington in part because voters held them responsible for rising prices, but if President Joe Biden takes over, they will have a series of strong consumer policies. It would also leave new protections in place.
These are acts by governments that gradually influence people’s daily lives, many of which are obvious and relatively uncontroversial. Quite a list:
► Onerous cost caps: Thanks to legislation passed by Democrats, the maximum monthly cost of insulin for Americans on Medicare is $35, but some drug companies are now increasing the cost for even more people. We are expanding that price ceiling. Banks also have a new $5 cap on overdraft fees, thanks to new rules finalized by the Consumer Financial Protection Bureau.
► Banning efforts to hide costs from consumers: Federal Trade Commission cracks down on junk fees for concert tickets and short-term rentals, subject to new transparency rules. Fake online reviews can lead to fines.
► Protection for travelers: Airlines are now required by the Department of Transport to provide refunds for some cancellations, and the government has created a website to compare consumer policies of different airlines. did. The Federal Aviation Administration has proposed rules that would allow families with children to sit together at no additional charge.
►Cable and Internet Bill Transparency: New Federal Communications Commission rules make it easier for people to understand their cable “all-in” bills and “nutrition labels” to make it easier to understand their Internet service provider bills You will be able to do it.
► Crack down on fraudulent texts: The FCC also requires mobile service providers to block some text messages from suspicious sources.
► A better way to unsubscribe: The FTC requires that subscriptions purchased online include an online “click to cancel” option.
Even in the waning days of the Biden administration, more is happening. The CFPB is working to remove medical debt from most credit reports, but the rule, finalized in early January, is already the subject of a lawsuit. The Wall Street Journal also reported Monday that the FTC will sue Greystar Real Estate Partners, the nation’s largest landlord, alleging deceptive pricing practices.
When I asked Teresa Murray, Director of Consumer Watch at the Public Interest Research Group, how things have changed over the past four years, she offered a list of developments and an argument that things are moving in the right direction. He did.
“I would say being a consumer in the United States is much more transparent, or on the way to becoming much more transparent, which is a very good thing,” Murray said.
Susan Weinstock, CEO of the Consumer Federation of America, went a step further.
“I think President Biden is probably the strongest consumer protection president we’ve ever had,” she told me, adding that the Biden administration will solve “the challenges that consumers face in their efforts.” It’s because we make everyday decisions in our lives, like airline tickets, live event tickets, and bank transactions that we claim we’ve done everything we can to help. ”
This measure has been enacted in a variety of ways, including the passage of new legislation, such as a cap on insulin costs in Medicare and some aviation-related reimbursement rules.
But most of that happens through rulemaking, where government agencies propose rules, spend months listening to the public, and then engage in a lengthy and litigious rulemaking process. .
Rolling back such rules won’t happen overnight, and there is no indication that President Trump will reverse these supposedly popular measures.
But he wants to reorganize the government. Tesla and SpaceX CEO Elon Musk, one of the co-leaders of President Trump’s government efficiency efforts, said he wants to “eliminate” the Consumer Financial Protection Bureau.
The agency is the brainchild of a current senator. Elizabeth Warren of Massachusetts was created by law during President Barack Obama’s administration in response to the 2008 financial system meltdown. The Supreme Court earlier this year rejected a lawsuit from a group of payday lenders, saving the CFPB from extinction.
The CFPB’s rules are frequently challenged in court. A rule capping late fees on many credit cards at $8 is on hold due to a lawsuit in Texas.
Additionally, President Trump generally opposes rules to address climate change and has promised to roll back fuel economy standards for cars and trucks. When he complained about water pressure at a press conference at Mar-a-Lago, he may have been referring to the Biden administration’s new rules aimed at making water heaters more efficient starting in 2029. . The Department of Energy claims this will save consumers money on their utility bills. , But the cost of a new water heater can also be high.
As CNN’s Tami Luby reminded me, Trump also promoted consumer protections during his first term. The No Surprises Act was passed by Congress at the end of President Trump’s term, but did not go into effect until after Biden took office.
The law aims to ban surprise medical billing from out-of-network health care providers and is an example of how it can take years for something with widespread support to pass Congress. There is also.
Murray said pro-consumer rules like eliminating junk fees and making reviews more transparent are long overdue and have bipartisan support. She argued that honest companies need not worry about them because they level the playing field in the market.
“They just want to do everything fairly. They want to do it with integrity. They want to do it with transparency, crush all the bad guys, and demand that they play by the same rules. “I think so,” she said.
