09:07 AM EST, 03/05/2024 (MT Newswires) -- US President Joe Biden on Tuesday will launch the Strike Force on Unfair and Illegal Pricing to combat price increases that the administration says are driven by "anti-competitive, unfair, deceptive, or fraudulent business practices," the White House said in a statement.

The task force will be led by the Department of Justice and Federal Trade Commission, according to the statement.

"This strike force will strengthen interagency efforts to root out and stop illegal corporate behavior that hikes prices on American families through anti-competitive, unfair, deceptive, or fraudulent business practices," the White House said.

Also Tuesday, the Consumer Financial Protection Bureau said it has finalized a rule that will reduce the "typical" credit card late fees to $8 from $32.

The rule will take effect 60 days after publication in the Federal Register, the CFPB said.

"Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines," CFPB Director Rohit Chopra said in a statement.

Price: 218, Change: -0.91, Percent Change: -0.42