"Biden Administration Launches Strike Force to Cap Credit Card Late Fees and Crack Down on Unfair Pricing"

President Biden has announced the formation of a "strike force" to combat "unfair and illegal" prices, targeting businesses that are not passing on cost savings to consumers. The administration aims to crack down on corporate practices that raise costs for consumers and has taken a tough stance on industry monopolies and mergers. Additionally, the Consumer Financial Protection Bureau is finalizing a rule to reduce credit card late fees, potentially saving millions of people money. The "strike force" will be led by the FTC and justice department to encourage collaboration among federal agencies in addressing businesses breaking the law and keeping prices high.