[background noises] the president of the United States accompanied by director of Consumer Financial bureau. Good afternoon. Whether it is a credit card bill, internet bill, grocery bill anythingâ– else in a monthly budget, President Biden has been focused on promoting competition. At lowering costs and stopping profiteering. Today we are taking action to stop excessive fees in the banking industry. We are closing a loophole abused by the credit card industry for yeso harvest billions of dollars in junk fees. Reducing the typical late fee from 32 down to 8 saving americans an estimated 10 billion each year this is in the president is announcing today to crackdown on junk and help consumers save realdv mone. Over the last decade credit card giants have been hiking late fees every year almos lockstep. Even as technology has brought many of their costs down they have raised interest rates, squeezing American Families out of an extra 25 billion in interest charges last year alone. Thats w
Good afternoon, everyone. I am honored to welcome all of you here to the great city of San Francisco, bringing the economic leaders from across the asia pacific is an opportunity for us to learn from each other. San francisco has long had a history of serving as the connection between the United States and the asia pacific. Our golden gate has welcomed those seeking to bridge our cultures and our economies. In San Francisco, we have the spirit to take risks, to seek out whats new and different. We search for the next great idea. We dont just have the dreamers who look beyond whats possible, but we also have the builders with the talent to make the dream a reality. For decades, the San Francisco bay area has provided added the culture, the talent and the spirit to change the world. The spirit of apec, of finding Common Ground and of power, of economic collaboration , and of celebrating diverse cultures, reflects that same spirit of innovation. It is a spirit that has driven San Francisc
Credit reporting agencies, equifax, trans union, and experience. On Consumer Credit reporting. You are watching live coverage here on cspan. Thank you for the Witnesses Today for joining us. Three Witnesses Today, plain and simple, determined the Financial Futures of every american. Equifax, experian, trans union. This countrys biggest credit unions, im sorry, biggest Credit Reporting agencies. As you know, we have talked tremendous power over peoples life. The information you collect and putting peoples Credit Reports determined, determines whether people can get a mortgage or buy a car, where Interest Rates they pay, what credit cards they can get at what rate, whether they will get insurance, what they pay for it, whether they will be able to rent an apartment, whether they will be accepted for a job. All of that, in some, sense is in your hands. These companies are not just keepers of consumer data. They essentially managed or mismanaged, its the case, maybe, americans financial re
Economies. In San Francisco, we have the spirit to take risks, to seek out whats new and different. We search for the next great idea. We dont just have the dreamers who look beyond whats possible, but we also have the builders with the talent to make the dream a reality. For decades, the San Francisco bay area has provided added the culture, the talent and the spirit to change the world. The spirit of apec, of finding Common Ground and of power, of economic collaboration , and of celebrating diverse cultures, reflects that same spirit of innovation. It is a spirit that has driven San Francisco and the bay area to become the economic engine of the world. It is the spirit that will continue to propel businesses from across the Asia Pacific Region to be part of what is happening right here, right now. We are in the spring of yet another innovative boom in San Francisco, driven by the rapid rise of Artificial Intelligence science. We have more ai job openings of any major city in the coun
Credit reporting agencies, equifax, trans union, and experience. On Consumer Credit reporting. You are watching live coverage here on cspan. Thank you for the Witnesses Today for joining us. Three Witnesses Today, plain and simple, determined the Financial Futures of every american. Equifax, experian, trans union. This countrys biggest credit unions, im sorry, biggest Credit Reporting agencies. As you know, we have talked tremendous power over peoples life. The information you collect and putting peoples Credit Reports determined, determines whether people can get a mortgage or buy a car, where Interest Rates they pay, what credit cards they can get at what rate, whether they will get insurance, what they pay for it, whether they will be able to rent an apartment, whether they will be accepted for a job. All of that, in some, sense is in your hands. These companies are not just keepers of consumer data. They essentially managed or mismanaged, its the case, maybe, americans financial re