Consumer Protection and Corporate Practices
The Biden-Harris administration has launched the “Time Is Money” initiative to address corporate practices that inconvenience consumers. The initiative aims to eliminate time-wasting tactics by companies and improve customer service standards across various industries.
Key Points
- Consumer experience often overlooked in competitive markets
- Initiative influenced by behavioral economics concept of 'sludge'
- Government intervention seen as necessary to address market failures
Pros
- Initiative targets shady business practices
- Aims to make it easier for consumers to cancel subscriptions and file claims
- Seeks to level the playing field for companies that prioritize customer service
Cons
- Opposition from industry groups like the US Chamber of Commerce
- Concerns about increased regulatory burden