WASHINGTON – President Biden will sign a sweeping executive order on Friday to promote competitive markets in the U.S. economy and limit corporate dominance that the White House says disadvantages consumers, workers and small businesses.
The order, the centerpiece of a new Democratic focus on curbing the nation’s most powerful companies, presents a detailed plan of attack for what the Biden administration sees as hot spots across industries, from the mundane – hearing aids and baggage fees – to some of the most pressing issues the government faces, like the very first antitrust regulations for internet platforms.
Mr. Biden encourages US agencies to adopt policies that oppose corporate consolidation and business practices that could stifle competition, lead to higher prices and reduce product choice. These possible rules and regulations are likely to set up several fierce battles with major US companies that could take years to resolve.
Among the White House’s goals are agriculture, healthcare, shipping, transportation and technology, as well as work practices that the administration says limit wages and mobility. The decree also aims to promote affordable broadband and strengthen the rights of consumers to repair the products they own, an issue of concern due to limitations imposed by a range of businesses.
The ordinance “will lower prices for families, raise workers’ wages and promote innovation and even faster economic growth,” the White House said on Friday.