The Federal Trade Commission (FTC) recently unveiled a proposal aimed at banning what it deems "hidden and bogus fees,” a plague costing consumers an estimated $80B annually. 💸💸
FTC Chair, Lina Khan, stressed the real financial impact these fees have on people's wallets, emphasizing the need for change. The proposed rule intends to make convenience, booking, and other hidden fees transparent, barring businesses from using misleading practices and ensuring mandatory charges are included in upfront prices.
For car dealerships, this initiative also carries significant weight. While the FTC proposed a rule specifically addressing junk fees in car sales over a year ago, its progress has since remained at a standstill. However, the resurgence of this proposal is likely to have it regaining traction soon. 🛞