Biden Administration Launches "Time is Money" Initiative to Enhance Consumer Rights

The Biden administration has unveiled the "Time is Money" initiative aimed at simplifying consumer interactions with various services, including subscription cancellations, refunds, and health care forms. This initiative coincides with Vice President Kamala Harris's upcoming economic policy announcements as she prepares for her presidential campaign. Neera Tanden, President Biden's domestic policy advisor, highlighted that companies often create obstacles to prolong service cancellations, allowing them to retain consumer funds longer. Key components of the initiative include new rulemakings from the Consumer Financial Protection Bureau (CFPB) targeting ineffective customer service practices, such as "doom loops" and unhelpful chatbots. Additionally, the Federal Communications Commission (FCC) will explore extending CFPB's customer service requirements to telecommunications providers. A proposed "Click to Cancel" rule from the Federal Trade Commission (FTC) aims to ensure that canceling subscriptions is as straightforward as signing up. The initiative also involves a letter from Health and Human Services Secretary Xavier Becerra and Labor Secretary Julie Su, urging health insurance companies to streamline processes for consumers. While some measures are new, others build on existing proposals, such as the FTC's efforts against deceptive customer feedback practices. Notably, these actions do not require congressional approval, reflecting the administration's commitment to consumer protection without legislative hurdles. The "Time is Money" initiative is part of a broader effort by the Biden administration to combat unfair pricing practices, including junk fees and price gouging, despite facing industry pushback and legal challenges.