FTC Proposes Rule to Ban Junk Fees

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The Federal Trade Commission (FTC) is enforcing federal competition and consumer protection laws to prevent anticompetitive, deceptive, and unfair business practices. The commission is working to advance government policies that protect consumers and promote competition. The FTC is taking action to eliminate junk fees, which are hidden charges that can add up to thousands of dollars to the cost of services. The proposed rulemaking aims to increase transparency in the financial industry, allowing consumers to know exactly what they are paying for and preventing surprise charges. The FTC is seeking public comments on the proposed rulemaking and encourages consumers to submit their thoughts electronically or in writing.