President Biden will sign a Executive Decree Friday, promoting 72 initiatives at more than a dozen agencies that aim to reduce business consolidation, increase competition and deliver benefits to consumers, workers, farmers and small businesses.
Why is this important: It’s a radical push to meet Biden’s goals of making the U.S. economy more vibrant and fair, as the administration seeks to crack down on highly concentrated industries like big tech and compete more effectively with China.
- “Healthy competition is vital for an efficient capitalist system,” said Brian Deese, Biden’s chief economic adviser. New York Times. “It’s a driver of higher wages, lower prices, more innovation and business creation.”
Details: Among other things, the command:
- Put in place an administrative policy of “increased control of mergers, in particular by the dominant Internet platforms”.
- Prohibit or limit non-compete agreements and professional licensing requirements that hinder economic mobility.
- Reduce prescription drug prices by supporting state and tribal programs that will import safe and cheaper drugs from Canada.
- Authorize the sale of over-the-counter hearing aids in pharmacies.
- Push airlines to reimburse when they lose baggage or when in-flight Wi-Fi isn’t working
- Prohibit excessive early termination fees on internet bills, require clear disclosure of plan costs to facilitate comparative purchases, and end owner exclusivity agreements that require tenants to have only one internet option.
- Encourage the FCC to reinstate net neutrality rules prohibiting blocking, limiting, or paid prioritization of web traffic that were repealed by former President Trump’s FCC, the sources said.
- Increase opportunities for small businesses by asking all federal agencies to promote greater competition through their purchasing and spending decisions.
The order will establish a White House Competition Council, headed by Deese, to monitor the progress of these initiatives.