US President Joe Biden has signed an executive order to promote competition in the US economy for the benefit of consumers.
Biden said in a statement before signing the order at the White House on Friday that the bill “promises the federal government full and active enforcement of antitrust laws.”
A major US business group has criticized this initiative as a generous government intervention in the private sector.
This order requires 12 federal agencies to manage 72 initiatives aimed at reducing anti-competitive practices in many economic sectors.
Biden said: … To be clear, non-competitive capitalism is not capitalism. It’s exploitation. “
“Without healthy competition, big companies can change and charge as they please, and treat you the way they want. And for too many Americans, it’s a bad deal. Means to accept. “
The order targets corporate monopolies and directs antitrust agencies to focus their enforcement efforts on the agriculture, labor, medical and technology industries.
According to the White House fact sheet, the order “lowers family prices, raises worker wages, promotes innovation and further accelerates economic growth,” while accelerating integration between businesses for decades. Also helps to offset.
“In more than 75% of US industry, fewer large companies manage more businesses than they did 20 years ago, which applies to healthcare, financial services, agriculture, and more,” said the fact sheet. I am. Lack of competition pushes up consumer prices. “
Among other actions, the order directs the Justice Department and the Federal Trade Commission to scrutinize mergers that limit SME opportunities.
The order also called for the Federal Communications Commission to promote net neutrality, which was rolled back under the Trump administration.
FCC Deputy Chairman Jessica Rosenwessel welcomed the order by stating in a statement: That’s why the United States is home to the most dynamic companies in the world. “
Chamber of Commerce provides criticism
A prominent business advocate, the US Chamber of Commerce, has criticized the order as “a smack of the” government’s best-known “approach to managing the economy.”
“We strongly oppose government-set prices, tedious and legally suspicious rule-making, efforts to treat innovative industries as utilities, and demands for politicization of antitrust enforcement,” the group said.
The United Food and Commercial Workers’ Union, a union representing workers in the food and health industry, said, “A clear message that the White House is committed to creating an equal competitive arena for American workers. I praised this order.
Some information in this report was provided by The Associated Press and Reuters.
Biden signs orders to promote competition across the U.S. economy | Voice of America
Source link Biden signs orders to promote competition across the U.S. economy | Voice of America