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Biden signs a drastic order aimed at curbing the power of large corporations – News


Joe Biden will sign a drastic executive order to curb the power of large corporations by counteracting anti-competitive practices that harm small rivals.

The White House announced 72 measures on Friday at Biden’s order. This includes a ban on workers’ non-compete clauses, spanning industries ranging from technology and transportation to healthcare and banking.

The President of the United States also called for stronger enforcement of existing US antitrust laws. This can lead to tighter oversight of merger and acquisition activities.

The move is part of a broader push by the Biden administration to tackle sector-focused corporate strength, with Congress A series of laws Rewriting the competition policy of large tech companies.

The White House said in an executive order fact sheet: “Economics have found that as competition declines, productivity growth slows, business investment and innovation decline, and income, wealth and racial inequality increase.”

“They took bold action when the former president faced a similar threat from the expansion of corporate power,” he added, citing the efforts of Theodore Roosevelt and Franklin Delano Roosevelt in the first half of the 20th century. It was.

The Biden administration’s commitment to competition includes provisions to “ban or limit” the Federal Trade Commission, the highest competition regulator chaired by Big Tech critic Lina Khan. Non-competition clause To “make it easier to change jobs and raise wages”.

Other measures include planning to prevent manufacturers from asking for repairs on certain products and prohibiting excessive cancellation fees for Internet bills.

Hearing aids are allowed to be sold over-the-counter in the drug story, but are easily available to airline customers. Refund, And banking clients can now carry data to other providers more easily.

Biden’s order also worked with states and tribes on the U.S. Food and Drug Administration import Prescription drugs from Canada, the latest bid to reduce drug costs.

Even before the president signed the order, it elicited criticism from business groups and complained that their industry was already very competitive.

Aurelien Portuese, director of the Information Technology and Innovation Foundation, a technology-backed think tank, said on Friday: For everything else, the White House should be left to Congress. “

In a statement, Greg Baer, ​​CEO of the Bank Policy Institute, said, “As anyone who has bought a credit card, mortgage or deposit account knows, banks are the most competitive in the United States. It’s one of the less concentrated industries. “

The Biden administration has faced criticism from the Republicans and said the $ 1.9 trillion stimulus has caused inflation and boosted the cost of living for US consumers.

The presidential order is in line with the US president’s efforts to shift the power balance of the US economy from businesses and large corporations to small businesses and middle-class households.

However, it is unclear how much of Biden’s plans will actually be implemented in the way the White House wants. Many of the provisions are encouraged, but not required and will be stronger if enacted by law.

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