Biden delivers remarks, signs executive order on promoting competition in American economy
Pres Biden delivers remarks and signs an executive order on promoting competition in the American economy.
President Biden on Friday afternoon signed a sprawling executive order designed to crack down on anti-competitive practices by Big Tech and other industries, part of what he called a "critical step" toward making the U.S. economy more inclusive.
"That means if your companies want to win your business they have to go out and the have got to up their game," Biden said during remarks at the White House. "Better prices and services, better ideas and products. The competition keeps the economy moving and it keeps it growing. A competitive economy must mean that companies do everything they can to compete for workers."
Comprised of 72 actions and recommendations, the order is intended to promote competition in the U.S. economy by encouraging more than a dozen federal agencies to scrutinize corporate mergers and other ways that a growing number of companies build their outside market power, according to a White House fact sheet.
It includes a broad range of goals and initiatives, such as:
- Urging the Federal Trade Commission and the Justice Department to “challenge prior bad mergers” that past administrations let slide
- Pushing the FTC to ban or limit non-compete agreements and occupational licensing requirements that the White House argues “impede economic mobility”
- Calling on the FTC to restore “net neutrality” laws that were unraveled by the Trump administration
- Asking the FTC to establish rules on surveillance and the accumulation of data by giant tech companies
- Encouraging the FTC to prevent internet service providers from striking deal with landlords that limit tenants’ choices, which the White House said can prevent broadband infrastructure expansion by new providers
- Lowering prescription drug prices by supporting state and tribal efforts to import cheaper drugs from Canada
- Allowing hearing aids to be sold over the counter at drug stores
- Creating a “White House Competition Council” to lead federal responses to large corporations’ growing economic power
This is a developing story. Please check back for updates.
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