Biden, along with the Federal Trade Commission and Consumer Financial Protection Bureau will be announcing initiatives to ban "junk" or hidden fees.
FTC's rule proposal will force businesses to specify the surcharge purposes upfront. It is expected to save consumers over 10 billion over the next decade.
Consumers will also be able to get refunds if the rule is violated. FTC's Lina Khan said that the mandate would "restore fairness" in American markets.
The CFPB will urge big banks to provide complete and free account information on request without charging excess fees, according to a federal law.
Wells Fargo, Bank of America, and Regions Bank have paid fines for charging excess overdraft fees in recent years.
Recently, the CFPB also proposed a rule prohibiting companies from charging excessive credit card fees.
The FTC also targeted hidden fees for live events, requiring merchants to disclose full ticket prices for concerts, sports, and other big events.
These proposals are part of the Biden administration's efforts to increase competition across industries.