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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Biden's junk fee battle comes to your TV company
The Federal Communications Commission (FCC) is seeking to ban fees for early termination of TV service.
© AP Photo/Jacquelyn Martin
The FCC proposal targets fees charged by cable and satelite TV providers to customers who cancel service before the end of their agreements.
Such fees "may negatively impact competition for services in the marketplace," the FCC said, and may limit consumer choice.
“No one wants to pay junk fees for something they don’t want or can’t use," FCC Chair Jessica Rosenworcel said in a press release.
"When companies charge customers early termination fees, it limits their freedom to choose the service they want."
The FCC will vote on the proposal during a Decemember meeting.
The agency has been one of the leading forces in the Biden administration's fight against "junk fees."
“Companies shouldn’t lock you into services you don’t want with large fees. It’s unfair, raises costs, and stifles competition. We’re doing something about it," President Biden said in a social media post.
The FCC also recently voted to bring back Obama-era net neutrality rules last month.
Read the full report at TheHill.com.
Welcome to The Hill’s Business & Economy newsletter, we’re Taylor Giorno and Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
🦃 We also wish you a very Happy Thanksgiving! Buisness & Economy will return Monday.
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Essential Reads
Key business and economic news with implications this week and beyond:
Almost half in new poll say too much money is going to Ukraine
Nearly half of U.S. adults say too much funding is going to Ukraine amid its war with Russia, according to a poll released Wednesday.
Full Story OpenAI-Sam Altman saga: What we know so far
The saga of OpenAI co-founder and former CEO Sam Altman triggered fallout at the artificial intelligence (AI) company behind the popular ChatGPT tool and across the technology sector.
Full Story Larry Summers pulled into OpenAI drama as new board member
Economist and former U.S. Treasury Secretary Larry Summers will serve on a new board for OpenAI as part of the fallout from a tumultuous week that saw OpenAI’s ousting and eventual reinstatement of CEO Sam Altman.
Full Story The Ticker
Upcoming news themes and events we're watching:
- Black Friday and Cyber Monday spending is projected to reach new heights this year as consumers stretch their holiday budgets. In a recent survey, Deloitte found consumers plan to spend an average of $567 between Thanksgiving and next Monday, 13 percent more than they spent through the same period in 2022.
- The Census Bureau will release a report on new home sales in October next Monday at 10 a.m. EST.
In Other News
Branch out with more stories from the day:
Stellantis recalls more than 32,000 hybrid Jeep Wrangler SUVs because of potential fire risk
AUBURN HILLS, Mich. (AP) — Automaker Stellantis on Wednesday announced a recall of more than 32,000 …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- How to Sound Smart Talking About Money This Thanksgiving (Bloomberg)
- Behind the Scenes of Sam Altman’s Showdown at OpenAI (The Wall Street Journal)
- Bad news for Black Friday: Retailers cast doubt on holiday shopping with cautious guidance (CNBC)
What Others are Reading
Top stories on The Hill right now:
Deadly vehicle explosion closes Rainbow Bridge connecting US and Canada
All four bridges connecting the U.S. and Canada at Niagara Falls, N.Y., were closed Wednesday after a vehicle explosion at the Rainbow Bridge. Read more
Frustrated lawmakers run for the exits: ‘DC is broken’
The public has increasingly soured on Congress — and now, some House lawmakers are starting to agree. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- Congress is facing a looming shutdown — again. How did we get here?
- Tax cheats are taking advantage of Puerto Rico — the US government can stop them
You're all caught up. See you next week!
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FCC targets TV cancellation fees
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23.11.2023
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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Biden's junk fee battle comes to your TV company
The Federal Communications Commission (FCC) is seeking to ban fees for early termination of TV service.
© AP Photo/Jacquelyn Martin
The FCC proposal targets fees charged by cable and satelite TV providers to customers who cancel service before the end........
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