In August $2024,$ the Biden administration proposed new rules through the Federal Trade Commission $($FTC$)$ and the Federal Communications Commission $($FCC$)$ aimed at enhancing consumer protections by simplifying the cancellation process for subscriptions and memberships. This initiative is part of a broader effort to eliminate "junk fees" and increase transparency across various sectors$,$ including banking and telecommunications. Read the entire article here: Biden targets another junk fee: subscriptions that are hard to cancel $|$ Vox$$

Using the recent policy on subscription cancellation and transparency introduced by the Federal Trade Commission $($FTC$)$ and Federal Communications Commission $($FCC$)$ in $2024$: answer the following questions based on your knowledge of Public Policy.$$

What are the primary objectives of the policy?

How does this policy aim to address issues related to consumer protection, transparency, and fairness in subscriptions?

Identify the key stakeholders affected by this policy, including consumers, businesses, and regulatory agencies.

What are the potential benefits and drawbacks of this policy for each group?

What tools are being used to implement the policy $($e$.$g$.,$ regulations, enforcement mechanisms$)?$

Discuss how the FTC and FCC are involved in ensuring compliance.

What challenges might arise in implementing and enforcing this policy?

How could these challenges impact the overall effectiveness of the policy?