The White House announces a comprehensive regulatory initiative, in anticipation of Harris's upcoming economic blueprint unveiling.

• The Biden Administration announced a new, multi-agency regulatory initiative aimed at addressing corporate practices that allegedly waste consumers' time and impose excessive red tape.
• Neera Tanden, the White House domestic policy advisor, stated that the companies are intentionally delaying services to customers and making it difficult for them to cancel the service, which results in the companies retaining customers' money for an extended period.
• The Consumer Financial Protection Bureau is introducing new rules to prevent customer service "doom loops" and chatbots from hindering customer service.

The Biden Administration on Monday announced a new, multi-agency regulatory initiative aimed at tackling corporate practices that officials claim are aimed at wasting consumers' time and overburdening them with unnecessary red tape, in order to maximize profits.

Neera Tanden, the White House domestic policy advisor, stated on Friday that she believes everyone can connect with this.

For instance, you wish to cancel your gym membership or subscription service or newspaper. Although it was simple to sign up with just one or two clicks, now you must visit in person or wait on hold for 20 minutes to cancel.

The "Time is Money" initiative aims to streamline consumer services, including subscription cancellations, refunds, online health care and insurance form submissions, and top-notch customer service.

This week, Vice President Kamala Harris will reveal her campaign's initial economic policy proposals as a new initiative is launched during a unique time for the Biden administration.

The Biden administration's consumer protection mandate can be advanced through broad initiatives like "Time is Money."

Tanden stated on Friday that the companies are intentionally delaying services to customers and making it difficult for them to cancel, resulting in longer periods of time where the companies retain customers' money.

The Consumer Financial Protection Bureau (CFPB) announced new initiatives on Monday, including rule-making aimed at improving customer service and chatbot effectiveness in the financial industry.

The CFPB will determine if the use of chatbots or AI voice recordings is illegal, particularly when customers think they are communicating with a human.

The FCC will investigate whether to extend the CFPB's customer service requirements to cover phone, broadband, and cable providers.

The FCC is considering adopting requirements similar to the FTC's "Click to Cancel" proposal, which would make canceling subscriptions and memberships as easy as signing up for them.

The initiative encourages health insurance companies to enable policyholders to submit claims online.

On Monday, health insurance companies and group health plans will receive a letter from Department of Health and Human Services Secretary Xavier Becerra and Department of Labor Acting Secretary Julie Su, urging them to take actions to save people time and money when interacting with their health coverage.

Although not all "Time is Money" initiatives are new, some are previously announced actions, such as the rule issued by the Department of Transportation in April that mandates airlines to automatically issue cash refunds.

The White House has cited a June 2023 FTC proposal as another effort to combat deceptive customer feedback practices, such as fake reviews.

The "Time is Money" initiative won't need congressional approval, according to a senior administration official. However, new consumer protection bills may face challenges due to the current Republican control of the House of Representatives.

The Biden administration's latest consumer protection action, implemented on Monday, is part of a series of aggressive initiatives that have been taken over the past three years.

The White House has adopted a hostile stance towards antitrust regulations and crypto currencies, which has caused tension with Wall Street.

Biden has also advocated for a battle against what he refers to as "unjust and unlawful pricing practices," including "junk fees," "price gouging" by corporations, and "shrinkflation."

On Friday, a White House official maintained that the current situation is not about targeting corporations as a whole.

The official stated that the "Time is Money" initiatives represent a new frontier of consumer protections.