Biden signs a comprehensive order aimed at curbing the power of big companies


Joe Biden will sign a comprehensive executive order to curb rent-seeking and promote competition throughout the U.S. economy, including promoting non-compete clauses by antitrust regulators that ban workers.

The White House announced on Friday that the 72 measures included in the Biden order, covering industries from technology and transportation to healthcare and banking, are designed to limit the company’s ability to unfairly increase market power at the expense of smaller competitors .

The President of the United States also called for strengthening the enforcement of existing US antitrust laws, which may trigger stricter scrutiny of mergers and acquisitions.

“Economists found that as competition weakened, productivity growth slowed, business investment and innovation declined, and income, wealth, and racial inequality increased,” the White House said in the executive order fact sheet.

“When past presidents faced similar threats from growing corporate power, they took bold action,” it added, citing Theodore Roosevelt and Franklin Delano Roosevelt in the first half of the 20th century. Ye’s effort.

The Biden administration’s measures to promote competition include “encouraging” the Federal Trade Commission (the highest competition regulator chaired by the large technology critic Lina Khan) “prohibition or restriction” clauses. Non-compete clause In order to “make it easier to change jobs and help raise wages.”

Other measures include restricting the ability of manufacturers to prevent customers from repairing certain products on their own, and prohibiting excessively high termination fees on Internet bills.

Hearing aids will be allowed for over-the-counter sales in drug stories, and airline customers will find it easier to obtain Refund, Bank customers can transfer their data to other providers more easily than it is currently.

Biden’s order also directed the U.S. Food and Drug Administration to cooperate with states and tribes, import Prescription drugs from Canada, this is the latest move to reduce the cost of medicines.

When the executive order was issued, the Biden administration faced criticism from Republicans, claiming that its $1.9 trillion stimulus plan triggered inflation and pushed up the cost of living of American consumers.

But this is also consistent with the efforts of the U.S. President to shift the balance of power in the U.S. economy from companies and large enterprises to small businesses and low- and middle-class families.

However, it is not clear how much of Biden’s plan will actually be implemented in the way the White House hopes. Many clauses are encouraged but not enforced. If promulgated into law, the effect will be greater.



Source link

admin

Leave a Reply

Your email address will not be published. Required fields are marked *