The Biden administration has announced a new initiative called 'Time Is Money' to enhance consumer protections against corporations.

This initiative aims to simplify the process for consumers to unsubscribe from unwanted memberships and recurring payments, addressing burdensome corporate practices.

Neera Tanden, a White House domestic policy advisor, highlighted that companies often create obstacles to canceling services to retain consumer funds longer.

The initiative specifically targets issues where businesses complicate the cancellation of unwanted subscriptions.

New rules will require businesses to facilitate easier cancellation of subscriptions and improve customer-service chatbot functionality.

Additionally, the administration is urging health insurance companies to allow online submission of claims instead of requiring printed forms.

The Federal Communications Commission is exploring extending customer service requirements to phone, broadband, and cable providers.

The White House has been actively combating junk fees since late 2022, aiming to prohibit hidden charges and ensure transparency in pricing.

The U.S. Council of Economic Advisers estimates that consumers spend $90 billion annually on junk fees, equating to over $650 per household.

This initiative is part of a broader effort to alleviate financial strains on voters amid ongoing inflation concerns.

The actions announced do not require congressional approval and will be implemented gradually over the coming months.

The administration is also launching a feedback portal for the public to suggest additional areas for improving consumer experiences related to time and money.