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The "Time is Money" initiative is aimed at cracking down on
endless hold times or deliberately complicated procedures that
cost consumers, said Neera Tanden, U.S. President Joe Biden's
domestic policy adviser.
She said it shouldn't take 45 minutes to cancel a subscription
that it took one click to order, and people shouldn't be forced
to print out complicated forms to file an insurance claim. Often
they give up, she said, leaving companies holding onto money
that consumers could spend elsewhere.
"These seemingly small inconveniences don't really happen by
accident. They have huge financial consequences," she said.
The push is part of an effort by Biden aimed at easing strains
on voters' pocketbooks amid persistent inflation concerns that
have eroded support for the Democratic Party.
Vice President Kamala Harris, now the Democratic presidential
candidate, is making a similar case as she campaigns across the
country.
Business executives have chafed at what they see as efforts by
Democrats to vilify and over-regulate industry. Republican
presidential candidate Donald Trump has campaigned on relieving
companies of regulatory burdens.
The new actions use existing government oversight tools and are
not aimed at "shaming corporations writ large," Tanden said.
They do not require congressional approval, an official said,
and some will be phased in over coming months.
The Federal Trade Commission is accepting comments on a proposed
rule that would require companies to make it as easy to cancel a
subscription or service as it was to sign up, the official said.
The Federal Communications Commission is moving on Monday toward
setting similar requirements for cable, broadband and cellphone
service.
The Labor and Health and Human Services departments will also
write to big healthcare companies and insurers, urging them to
allow consumers to file forms online.
Several U.S. agencies are working on new rules requiring
companies to offer customers a single button to reach a real
person, instead of navigating a lengthy phone tree "doom loop,"
the officials said.
The Consumer Financial Protection Bureau is also planning to
issue rules cracking down on "time-wasting chatbots" used by
banks, the official said.
(Reporting by Andrea Shalal; Editing by Trevor Hunnicutt and
Rosalba O'Brien)
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