The White House announced an executive order on Friday to promote competition throughout the U.S. economy, in the most ambitious effort in generations to reduce monopolies, big techs, and mergers. This is a major push by President Biden Admin to encourage competition as part of the economic recovery from the pandemic.
The president also took it to social media and posted “capitalism without competition isn’t capitalism, it’s exploitation.”
Biden’s order also directs more than a dozen federal agencies to implement 72 new initiatives promoting fair competition and includes ideas such as allowing medications to be imported from Canada, selling hearing aids over the counter and limiting non-compete agreements that block employees from taking better jobs.
Bottom Line: Biden’s executive order targets tech, mergers, monopolies to encourage economic growth.