On Friday, Joe Biden, the President of the United States, signed an executive order to tackle corporate abuses and to promote more competition across the economy of the country. The sweeping order also aimed to urge agencies to crack down on anti-competitive practices in sectors from labor to agriculture and drugs.
After the complete implementation of the directive, it will help lower internet costs and allow the American nationals for airline baggage fee refunds for delayed luggage. Likewise, it will instruct antitrust agencies to focus on agriculture, healthcare, technology, and labor as they address an extensive list of issues that annoyed consumers in many ways.
Biden tweeted on Friday, to keep the United States moving, his administration needs to bring fair competition back to this economy. For this reason, he signed an Executive Order to promote competition. Moreover, the move will increase wages for labor and take another critical breakthrough for the economy that works for every citizen.
To keep our country moving, we have to bring fair competition back to this economy. That’s why today, I’m signing an Executive Order promoting competition.
It’ll lower prices, increase wages, and take another critical step toward an economy that works for everyone.
— President Biden (@POTUS) July 9, 2021
No Tolerance of Abusive Actions by Monopolies
While singing the ceremony at the White House, the president said that they take no more tolerance of abusive actions by monopolies and no more bad mergers that lead to huge dismissals and higher prices. Those actions will provide fewer options for consumers and workers. Biden noted areas where advocates feel that wages tamped down, prices too high, or new businesses excluded from the competition. Further, he adds that capitalism without competition is not capitalism; it is exploitation.
Let me be clear: capitalism without competition isn’t capitalism. It’s exploitation.
— President Biden (@POTUS) July 9, 2021
Biden took around 72 Initiatives to back Economy
The White House announces that the rate of new business formation dropped by approximately fifty percent since the 1970s as big businesses make it difficult for American people with good ideas to break into markets. Furthermore, the actions of the president go after corporate monopiles across a big band of industries and include seventy-two initiatives he wants over dozen federal agencies to follow up on.
According to a White House fact sheet, lack of competition became the reason for lower wages and estimated to cost the median U.S. household $5000 yearly. The initiatives of Biden will no doubt start a series of fights with the affected industries. In a statement, the United States Chamber of Commerce said that the recent administration’s move smacks of a government know the best approach to manage the economy and vowed to oppose calls for government-set prices, lawfully strongly and onerous disputed rulemakings, efforts to treat innovative industries as public utilities.
Internet and Hearing AIDS
Among the Biden government’s plans to open up the American economy are new rules to ending excessive internet agreement termination fees, allowing hearing assistances to sell over the counter and non-compete sections for millions of employees, and several job-related licensing requirements. In addition, the president’s order pushes the U.S. Agriculture Department to act to stop abusive practices of some meat processors while responding to farmers and smallholders who sometimes say they face some consumers for their animals.
Biden government also seeks to make it comfortable for consumers to switch banks, take their transaction information with them, and reestablish net neutrality rules that need firms to treat all Internet services equally. Moreover, the president’s executive order will order the Federal Trade Commission (FTC) and the Department of Justice (DOJ) to review mergers of companies sensibly and to challenge previous deals that closed.
Additionally, the initiative directs the FTC to issue rules to deal with competition concerns from big tech companies such as Amazon, Apple, Facebook, and Alphabet’s Google, limiting killer purchases where giant internet platforms acquire possible competitors. Richard Powers, the acting head of the United States Justice Department Antitrust Division, and Lina Khan, the FTC Chair, said on Friday that shortly they would launch a review of merger rules to find out if they are excessively permissive.