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The new rule announced by the Consumer Financial Protection Bureau is estimated to eliminate $5 billion of such fees annually.
Biden has set up a strike force focused on slashing credit card late fees.
According to the White House, retirees might save up to 20 percent by avoiding unnecessary fees in retirement plans.
The FTC’s new proposed rule would force companies to disclose the total price to consumers of tickets, lodging, and car rentals.
The law will target “junk fees” added to the cost of tickets, hotels, or other purchases.
“Californians are sick and tired of dishonest fees being tacked on to seemingly everything,” Sen. Bill Dodd said.
