President Joe Biden on Friday signed a new executive order aimed at cracking down on anti-competitive practices in large-scale technology, work, and many other areas.
“Capitalism without competition is not capitalism. It is exploitation,” Biden said in a speech at the White House before signing the directive.
According to the White House fact sheet, this comprehensive order includes 72 actions and recommendations, involving more than a dozen federal agencies, and is intended to reshape thinking about business mergers and antitrust laws.
hose wide-ranging goals and initiatives include:
- Urging the Federal Trade Commission to “challenge prior bad mergers” that previous administrations let slide
- Pushing the FTC to ban occupational licensing restrictions, arguing they “impede economic mobility”
- Encouraging the FTC to ban or limit noncompete agreements
- Encouraging the Federal Communications Commission to restore “net neutrality” rules that were undone during the Trump administration
- Asking the FCC to block exclusivity deals between landlords and broadband 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
- Establishing a “White House Competition Council” to lead federal responses to large corporations’ growing economic power
“The impulse for this executive order is really around where can we encourage greater competition across the board,” the White House’s chief economic advisor, Brian Deese, told CNBC’s Ylan Mui in an exclusive interview that aired earlier Friday morning.