Podcast Summary
Time is Money initiative: The Biden-Harris administration's Time is Money initiative aims to protect consumers from corporate practices that waste their time and money, focusing on making it easier to cancel subscriptions, get refunds, and file claims.
Neera Tanden, as the domestic policy advisor to President Biden, is leading a new initiative called the "Time is Money" initiative from the White House. This initiative aims to protect American consumers from corporate practices that waste their time and money. The Biden-Harris administration believes that in a competitive market, companies should treat their customers well to avoid losing them to competitors. However, they believe that intervention is necessary due to instances where companies make it unnecessarily difficult for consumers to cancel subscriptions, get refunds, or file claims. This initiative is part of a broader exploration of the role of the Constitution in shaping the country's values and evolution. If you appreciate NPR's mission of creating a more informed public and want to support it, consider signing up for the NPR Plus bundle for access to perks across more than 20 podcasts.
Junk fees: The White House has launched an initiative called 'Time Is Money' to address junk fees and deceptive business practices, with a focus on protecting consumers from hidden costs and ensuring fair business practices.
The White House has launched a new initiative called "Time Is Money," aimed at addressing "junk fees" and other deceptive business practices that add unexpected costs for consumers. During a recent interview with White House domestic policy advisor Neera Tandon, it was revealed that President Biden was particularly motivated by these fees after recognizing the frustration they cause for Americans. The administration has been working on this issue, with a focus on junk fees, and has met with the president to discuss potential actions to help consumers. This initiative is part of a larger effort to protect consumers from hidden fees and ensure fair business practices.
Consumer Protection Regulations: The Biden-Harris administration is implementing new regulations to protect consumers from deceptive business practices, particularly in areas where companies make it difficult to end subscriptions or receive refunds. Research suggests that consumers may not have full information about company practices when making purchases, leading to the need for government intervention.
The Biden-Harris administration is pushing for more regulations in the marketplace to better protect consumers, particularly in areas where companies may be wasting their time or making it difficult to end subscriptions or receive refunds. This is a departure from the traditional free market narrative that consumers are always well-served by competition and can simply switch to another company if they're unhappy. However, research suggests that consumers may not have full information about company practices when making purchases, and may only encounter bad practices after the fact. In response, companies may make it difficult for consumers to exercise their choices, leading to the need for government intervention. For example, new rules have been issued for airlines to automatically refund customers for canceled or significantly delayed flights. While some argue that heavy-handed regulations will raise costs for consumers, others believe that transparency and accountability are necessary to ensure fair business practices.
Eliminating Sludge: The Time Is Money initiative aims to reduce systems that make it difficult for consumers to make decisions, leveling the playing field for ethical businesses and improving consumer experience in both private and public sectors.
The Time Is Money initiative aims to eliminate "sludge" in markets, making it easier for consumers to make choices and rewarding companies that treat them well. Sludge refers to systems that make it difficult for consumers to make decisions, and it's not just a problem in the private sector. The US tax system, for example, is a significant source of sludge. The initiative also includes efforts to improve consumer experience in government processes. By reducing sludge, the initiative hopes to level the playing field for ethical businesses and prevent a race to the bottom in which companies resort to shady practices to stay competitive. This aligns with free market principles but also acknowledges that companies and governments can sometimes profit from making choices difficult for consumers.
Tax Filing Simplification: The Biden administration is making it easier for Americans with uncomplicated tax situations to file for free online using a simple form under the 'direct file' initiative.
The Biden administration is taking steps to simplify tax filing for Americans with uncomplicated tax situations, thanks to an executive order and provisions in the Inflation Reduction Act. This initiative, called "direct file," allows individuals to file their taxes online for free using a simple form. The Fed was also suggested to help streamline processes in other areas, such as the DMV. Additionally, the discussion touched on the potential consequences if a media organization, like Planet Money, were to engage in shady practices. The episode was produced by Angel Carreras, engineered by James Willett, fact-checked by Sarah Juarez, and edited by Kaken Kennan. For more discussions on Latinx culture, music, and heritage, tune in to Alt Latino, the podcast from NPR Music. Stay informed with the NPR app, which provides local, national, and global coverage without paywalls, profits, or nonsense.