Plus, a new report outlining a progressive, principled, and pragmatic approach towards U.S.-China policy Problems viewing this email? [View it in your browser]( [Center for American Progress]( InProgress from the Center for American Progress Cleaning up excessive junk fees and saving Americans billions of dollars [A sticker with the logos of the four major credit card companies is seen on the window of a shop in Chicago]( Every year, [millions of households]( are hit with âjunk feesâ that disproportionately affect lower-income earners and people of color What are junk fees? - Theyâre excessive or undisclosed fees that mask the true price of a financial product, such as a credit card or checking account, and catch customers by surprise.
- Junk fees can add up quickly for households, making it more difficult to pay bills and save for the future Who pays the most in fees - [Low-income Americans]( disproportionately bear the costs of fees charged by financial institutions.
- [Black and Latino households also face structural barriers]( in the financial market that slow their wealth growth and can make it more likely that they incur junk fees. Whatâs being done about these fees? - The [Biden administration]( has made rooting out junk fees a core component of its broader agenda to improve competition and lower costs for U.S. households.
- The Consumer Financial Protection Bureau (CFPB) has pursued an aggressive agenda to limit junk fees and create a fairer financial marketplace, which could save Americans $19.5 billion every year.
- In the past year, the CFPB has pursued [three policies to curb junk fees](
- Rein in exorbitant credit card late fees.
- Impose greater consumer protections on checking account overdraft charges.
- Eliminate nonsufficient funds (NSF) fees on instantaneous transactions. [Learn More]( Get the latest on the U.S. economy Sign up to hear from CAP Inclusive Economy experts and learn more about our work to build an economy for all. [Sign Up]( Supporting formerly incarcerated individuals April is [Second Chance Month]( a time to recognize the unique struggles faced by people with arrest or criminal records and to encourage our lawmakers to lower the barriers to reentry for these individuals. [An Image of a person, a city, and a clock. text reads âNearly 75 percent of returning individuals are still unemployed a year after their release. We can solve this.â Text in the bottom left corner reads âIllustrations Getty Images. Source: CAP, "America's Broken Criminal Legal System Contributes to Wealth Inequality" (2022).â The CAP logo is in the bottom right corner. ]( Currently, [nearly 75 percent]( of returning individuals are still unemployed a year after their release. Helping these people find jobs and reenter the workforce will help their communities thrive and strengthen our economy. [Share Now]( A progressive, principled, and pragmatic approach toward China policy [A Chinese cyclist passes the Digital Beijing Building, a comprehensive information facility for the Beijing Olympic Games]( There are few historical parallels of great power rivals as deeply integrated as the United States and China. It is clear that the U.S. relationship with China will be one of this generationâs defining foreign policy challenges. In a [new report]( CAP makes the case that the United States can advance and safeguard American interests and values, both in competition and cooperation with China, centered on a progressive, principled, and pragmatic vision and strategy for the United States to engage constructively with China. The [report]( contains chapters on eight critical areas in U.S.-China relations: trade, technology, Taiwan, military competition, democracy, China on the global stage, climate change, and U.S.-China cooperation. Meeting the central foreign policy challenge of the 21st century will require the United States to be smart and strong, to get its house in order, to invest in itself, to work closely with partners and allies, and to be ready to talk with China. [Keep Reading]( Federal investments in action [Biden Administration Investment Tracker]( Explore the [Biden Administration Investment Tracker]( to see the impacts of the administrationâs legislationâincluding new jobs, better infrastructure, and more. [Explore the Tracker]( [Stay Up to Date with the Latest Projects]( Follow us on [Follow us on Twitter]( [Follow us on Facebook]( [Follow us on YouTube]( [Follow us on Instagram]( [Support CAP]( [Manage Email Preferences or Unsubscribe]( [Privacy Policy]( [Center for American Progress]( Center for American Progress
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