The Biden Administration has launched a new initiative called “Time is Money” aimed at targeting corporate practices that waste consumers’ time and burden them with red tape to maximize profits. Examples include making it difficult to cancel subscriptions or get refunds. The initiative aims to make it easier for consumers to cancel subscriptions, get refunds, submit health care and insurance forms online, and access high-quality customer service.
The initiative includes new actions from agencies such as the Consumer Financial Protection Bureau (CFPB) and the Federal Communications Commission (FCC). The CFPB will target customer service “doom loops” and ineffective chatbots, while the FCC will consider expanding requirements for phone, broadband, and cable providers. Health insurance companies are encouraged to allow policyholders to submit claims online.
The initiative also includes previously announced actions like a rule requiring airlines to issue cash refunds and a proposal targeting companies using deceptive customer feedback practices. The actions do not require congressional approval and are part of the Biden administration’s aggressive consumer protection efforts.
The administration has also taken steps against antitrust regulations and illegal pricing, but officials stress that the “Time is Money” initiatives are not about shaming corporations but instead represent a new frontier of consumer protections. The initiatives aim to make it easier and more convenient for consumers to manage their subscriptions and deals with companies, reducing unnecessary burdens on consumers.
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