The Biden Administration recently announced a new regulatory initiative called the “Time is Money” campaign. This initiative aims to target corporate practices that waste consumers’ time and unnecessarily burden them with red tape to maximize profits. The goal is to make it easier for consumers to cancel subscriptions, get refunds, submit healthcare and insurance forms online, and access high-quality customer service.
White House domestic policy advisor Neera Tanden highlighted how companies often make it difficult for consumers to cancel services, leading to delays and frustration. The “Time is Money” initiative includes actions by agencies like the Consumer Financial Protection Bureau (CFPB) to address these issues. The CFPB will focus on eliminating customer service “doom loops” and ineffective chatbots used by financial institutions.
Additionally, the Federal Communications Commission (FCC) will explore expanding customer service requirements to phone, broadband, and cable providers. The initiative also calls for health insurance companies to allow policyholders to submit claims online, saving time and money for consumers.
While some of the initiatives are new, others were previously announced, such as the Department of Transportation’s rule requiring airlines to issue cash refunds automatically. These actions do not require congressional approval but are part of the Biden administration’s ongoing efforts to enhance consumer protection.
The “Time is Money” initiative aligns with Vice President Kamala Harris’s upcoming economic policy plans, demonstrating a commitment to consumer rights and financial transparency. By addressing deceptive practices and prioritizing consumer interests, the administration aims to create a fairer marketplace for all.
Overall, the Biden administration’s focus on consumer protection, antitrust regulations, and combatting unfair pricing signals a shift towards greater accountability in the corporate world. The “Time is Money” campaign represents a new frontier in consumer protections, emphasizing the importance of empowering individuals and safeguarding their rights in the marketplace.