Thursday, January 27

President Joe Biden Signs Executive Order to Promote Economic Competition

By signing this executive order, President Biden seeks to lower prices for families, increase workers’ wages, and promote innovation.

Alex Wong / Getty Images

President Biden signed an executive order Friday to promote competition in the United States economy, in which he urges federal agencies to take a closer look at big technology companies and mergers in all industries, so that citizens have better prices and services.

In the White House statement announcing the signing of the executive order, it is noted that the economy has gained more than three million jobs since the president took office.

“The president wants to take advantage of the economic momentum to promote competition in the US economy, which lower prices for families, raise workers’ wages, and promote even faster innovation and economic growth”Explains the White House.

The president points out that the lack of competition drives up prices for Americans and that families are paying higher prices for basic necessities, such as prescription drugs, hearing aids and Internet service.

Higher prices and lower wages caused by lack of competition are estimated to cost the American household an average of $ 5,000 per year. In addition, inadequate competition slows economic growth and innovation.

The executive order is made up of 72 actions and recommendations from more than a dozen federal agencies in which a White House Competition Council is established to monitor the work of the agencies, to improve labor practices in a variety of industries that They include technology, healthcare, agriculture, transportation, and financial services.

Some of the points contemplated in the executive order are:

– The Federal Trade Commission must prohibit or limit non-compete agreements, which prevent workers from leaving their employer to fill positions at rival companies. This seeks to establish actions that help raise wages and make it easier for workers to change jobs.

– It sets out to crack down on big tech companies, as they collect too much information about consumers, buy potential competitors, and compete unfairly with small companies.

– Request increased scrutiny of tech company mergers, new rules from the Federal Trade Commission to curb data collection and surveillance, and rules to prohibit unfair competition in Internet markets.

– Orders federal agencies to take measures and actions to reduce drug prices for consumers.

– The Department of Transportation will implement rules so that the airlines reimburse consumer fees when their bags are delayed or when the plane’s WiFi doesn’t work.

– Energetic measures against railways and maritime transport will be established to reduce the costs of transporting goods.

– The Department of Agriculture must empower farmers, helping them access markets and compete with large corporations.

– The Federal Communications Commission must implement actions to reduce the cost of Internet service and provide more choice for consumers.

– Increased scrutiny on bank mergers, urging the Justice Department and financial regulators to update guidelines.

– Encourages the Department of Justice and the agencies responsible for banking to update guidelines on bank mergers to provide more rigorous scrutiny of mergers.

– The Consumer Financial Protection Office must issue rules that allow customers to download their bank details and take them with them.

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