The announcement will be made a few days before union status In Thursday’s speech, Biden is expected to tout his efforts to lower prices for American consumers and make an economic pitch to Congress and voters as his re-election campaign heats up.
“Despite falling prices for important items like a gallon of milk or a dozen eggs, some companies are not passing those savings on to consumers,” said National Economic Council Director. Lael Brainard he told reporters. “Instead, some companies charge additional fees, hide costs, and in some cases violate the law.”
Republicans push back against claims that corporate profiteering is causing inflation, arguing instead that: government spending We have a responsibility.
The United States is one of many countries affected high inflation Due to the impact of the pandemic, it has fallen significantly from a high of 9% in June 2022 to around 3% in recent months.
Mr. Brainerd also asks Congress to republican party “Don’t get in the way, join us in this effort.”
of we chamber of commerce The strike force, co-chaired by the Justice Department and the Federal Trade Commission (FTC), criticized the move as a return to government price controls.
“This effort by the Biden administration to use regulators to micromanage how private companies set prices will lead to the same results: shortages, fewer consumer choices, a weaker economy, and fewer jobs. Deaf,” he said. neil bradleythe Chamber’s executive vice president, chief policy officer, and strategic advocacy officer.
Bradley also said the Chamber of Commerce will file a complaint. lawsuit The move is to block a rule the Consumer Financial Protection Bureau (CFPB) finalized on Tuesday that would cap credit card late fees on large issuers at $8.
banking group They also slammed the CFPB’s rules, warning that they would lead to higher credit card interest rates and lower credit availability, benefiting only a small number of late payers.
Rob Nichols, President and CEO American Bankers Associationcalled the rule “flawed” and accused the agency of “clearly choosing to prioritize politics over sound public policy” ahead of the State of the Union address.
“The authorities’ erroneous decision to limit credit card late fees to a level far below the actual cost to banks Force card issuers We are reducing credit lines, tightening standards for new accounts and increasing annual interest rates for all consumers, including those who pay on time,” Nichols said.
CFPB Director Rohit Chopra estimated the rule would save Americans. 10 billion dollars That’s an average savings of $220 per person.
“We have seen, junk fee era It’s really creeping into so many sectors of the economy and across government. We’re just trying to make sure that consumers, small businesses and workers receive fair benefits wherever they go,” Chopra said.
The Hill’s Taylor Giorno has more articles here and here.
