The government of Biden has rolled out the “Time Is Money” policy, aiming to enforce various laws that help reduce consumer time wastage, such as making subscription cancellations easier. Additionally, there are other measures related to the IT industry.
Insurance companies must allow online claims submission, as some still require claim letters or scanned forms. A basic requirement is for insurance companies to include as a condition that they will accept life insurance from government employees.
Customers must be able to speak to real people – the FCC and the Consumer Financial Protection Bureau (CFPB) are preparing to regulate that companies under supervision must provide a “one-click” exit to human representatives.
The FTC is getting ready to ban fake product reviews or deletion/concealment of negative reviews. CFPB is preparing a rule to prohibit the use of chatbots pretending to be real people.
These policies mainly involve developing regulations under the authority of the federal government. The process of implementing regulations may take some time and is limited to the central government’s jurisdiction. The passage of laws to enforce nationwide could be time-consuming and might not be achievable within the current government’s term.
TLDR: Biden administration introduces the “Time Is Money” policy to streamline consumer processes and improve transparency in various industries, aiming to reduce time wastage and enhance consumer protection measures.
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