2024 State of the Union address: on Corporations

Joe Biden: Fight shrinkflation & junk fees; corporations won't like it

The snack companies think you won't notice if they change the size of the bag [or] same size bag, but fewer chips in it. No, I'm not joking. It's called shrinkflation. You probably all saw that commercial on Snickers bars. You get charged the same amount and you got about 10% fewer Snickers in it.

I'm also getting rid of junk fees, those hidden fees at the end of your bill that are there without your knowledge. My administration announced we're cutting credit card late fees from $32 to just $8. Banks and credit card companies are allowed to charge what it would cost them to instigate the collection, and that's more a hell of a lot like $8 than 30-some dollars. Credit card companies don't like it, but I'm saving American families $20 billion a year with all the junk fees I'm eliminating.