United States President Joe Biden and Vice President Kamal Harris introduced on Monday the "Time is Money" regulatory effort that aims to tackle "tricks and scams" used by big corporations to waste the American people's time and money, the White House revealed in a statement.
This is a "new governmentwide effort to crack down on all the ways that corporations, through excessive paperwork, hold times, and general aggravation, add unnecessary headaches and hassles to people's days and degrade their quality of life," the White House detailed.
The Biden administration blamed companies for purposefully designing their processes to be as time-consuming as possible to discourage their customers from getting a refund or canceling a subscription, which maximizes profit. Key actions of this effort will be to make cancellations easier, end airline runarounds by requiring automatic cash refunds, allow health claim submissions online, ensure accountability, and address limitations and shortcomings of customer service chatbots.