President Joe Biden will sign a new executive order on Friday aimed at cracking down on anti-competitive practices in tech giants, jobs, and many other areas.
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.
Those broader goals and initiatives include:
- Urges the Federal Trade Commission to “challenge previous undesirable mergers allowed by the previous government”
2. Pressures the FTC to ban occupational license restrictions, arguing that they “impede mobility economic “or restrict non-compete agreements
3. Encourage the Federal Communications Commission to restore the” net neutrality “rule that was canceled during the Trump administration
4. Require the FCC to block exclusive agreements between owners and providers of broadband
Supporting states and tribes in their efforts to reduce the price of prescription drugs, Canadian drugs
are allowed in the sale of hearing aids without a prescription
5. Establish a “White House Competition Commission” to lead the federal response to the growing economic power of large corporations
“The impetus of this order executed tiva is really about where we can foster more competition across the board, “EC White House chief economic adviser Brian Deese told CNBC’s Ylan Mui in an exclusive interview broadcast Friday morning.
Biden will sign an executive order at the White House at 1:30 pm. ET, according to your schedule
Through its technology-related actions, Biden’s order aims to demonstrate that the industry’s largest companies are using their power to suppress smaller competitors and use consumers’ personal information, May said.
The order will require regulators to implement a series of reforms, including strengthening the review of technology mergers, and pay more attention to “killer acquisitions” and other strategies, that is, companies acquire smaller brands to withdraw them from the market. The strict control of
tech giants have led to a decline in innovation, Diss told May.
These platforms “caused major problems,” Deese said. He said that this includes “users’ privacy and security issues” and “small businesses access to the market.” Executive Order
is “not just about monopoly,” Diess said, “it’s about overall integration and lack of competition when market participants are limited.”
He pointed out that some studies have shown that In a concentrated market, wages are lower. A White House fact sheet cited a May 2020 article in Human Resources Magazine that used data from CareerBuilder.com to find that market consolidation indicated a double-digit drop in wages.
The order will be issued a few weeks after the House Judiciary Committee voted to pass six antitrust bills aimed at invigorating competition in the technology industry.
These bills will make it more difficult for dominant companies to complete mergers and prohibit certain common business models of such companies, but they are strongly opposed by both parties because they fear that they will not go far enough or will have side effects.
In late June, a judge dismissed complaints from the Federal Trade Commission and a group of state attorneys regarding Facebook’s illegal maintenance of monopoly power.
Biden’s executive order also requires the FTC to formulate new rules on Big Tech’s data collection and user monitoring practices and requires the agency to prohibit certain methods of unfair competition in the Internet market.
This order may provide some relief to small and medium-sized businesses who complain that technology companies such as Amazon, Apple, Facebook, and Google are heavily controlled in the digital marketplace.
Biden’s executive order did not unilaterally impose its will on big tech companies, but it often called on independent agencies to take action.
However, the new president of the FTC, Lina Khan, is a candidate appointed by Biden. He became the youngest person to hold the position when he took office last month. She has risen to fame and has become an advocate for reforming and strengthening oversight of tech giants.
Amazon called for Khan to be removed from ongoing investigations into his business, arguing that he lacked impartiality, and He accused her of repeatedly saying that the company “committed antitrust violations and should be divided.
