The Biden administration has introduced new regulations to address common consumer frustrations, such as difficult subscription cancellations, complex insurance forms, and unresponsive customer service.
The “Time is Money” initiative aims to simplify processes and reduce wait times, according to Neera Tanden, President Joe Biden’s domestic policy adviser. Tanden criticized the lengthy procedures for canceling subscriptions and filing insurance claims, emphasizing the significant financial impact of these inefficiencies on consumers.
This initiative is part of a broader effort to alleviate financial pressures on voters amid ongoing inflation, with Vice President Kamala Harris also supporting similar measures during her campaign.
The new rules, which do not require congressional approval, will be implemented over the coming months. They include requirements for companies to make cancellation processes as straightforward as the sign-up process, improvements in customer service accessibility, and better online filing options for insurance claims.
The Federal Trade Commission and Federal Communications Commission are leading these changes, while the Consumer Financial Protection Bureau will address issues with unhelpful chatbots used by banks.