(Bloomberg) -- The Biden administration is moving to slash billions in credit card late fees and calling on Congress to open up mobile app stores to greater competition, alleging that Apple Inc. and Alphabet Inc. act as gatekeepers in ways that harm consumers and inflate prices.

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President Joe Biden will announce the measures at a meeting Wednesday of his “competition council,” a group of cabinet officials and top aides assembled to ease the grip of corporate consolidation in key industries.

The Consumer Financial Protection Bureau will formally propose a rule to cap late payment credit card fees at $8, from an average now of roughly $30, and estimates the move will save consumers a total of $9 billion a year. The fees are applied to payments made even a few hours late and appear to be a source of profit rather than cost recovery, White House officials told reporters.

“At the end of the day, we want to see a marketplace where Americans are treated fairly, prices and risks are clear upfront and where companies compete hard to win their customers’ business,” said CFPB Director Rohit Chopra said.

The rule could go into effect in 2024 after a comment period and finalization, he added.

Biden will also call on Congress to pass a law regarding consumer fees, or so-called junk fees, in four categories: Online ticket sales for concerts and sporting events, airline seat fees for families who want to sit together, excessive termination fees for internet, telephone and television services and surprise resort fees.

“These fees can be incredibly frustrating,” National Economic Council Director Brian Deese said. “They cost consumers billions of dollars a year, they make it harder for people to comparison shop but they also reduce competition.”