The Biden Administration has launched a new initiative called “Time is Money” aimed at targeting corporate practices that waste consumers’ time and create unnecessary hurdles for them to cancel subscriptions, get refunds, and access high-quality customer service. This initiative is part of the administration’s consumer protection mandate and is being implemented through rule-making actions by agencies such as the Consumer Financial Protection Bureau (CFPB) and the Federal Communications Commission (FCC). The goal is to make it easier for consumers to interact with companies and save time and money in the process.
The new initiative comes at a key moment for Vice President Kamala Harris, who is set to unveil her presidential campaign’s economic policy plans. The administration sees initiatives like “Time is Money” as an opportunity for Harris to continue the consumer protection mandate initiated by Biden while exploring new ways to enhance consumer rights.
The “Time is Money” initiatives include efforts to target ineffective customer service practices such as automated chatbots and artificial intelligence voice recordings used by financial institutions. The initiative also aims to make it as easy to cancel subscriptions as it is to sign up for them and requires health insurance companies to allow policyholders to submit claims online.
Although some of the initiatives are previously announced actions, the overall goal of the initiative is to protect consumers from practices that delay services or make it difficult to cancel subscriptions. These actions do not require congressional approval and are part of the Biden administration’s broader efforts to promote consumer protections and combat unfair business practices.
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