On Friday afternoon, President Joe Biden will sign an executive order to curb the power of large corporations with long-awaited measures targeting agriculture, banking, technology, transportation and other sectors.
Extensive order provisions announce a policy of stricter oversight of mergers, especially by the dominant Internet platform, and ensure active enforcement of maritime shippers who impose exorbitant fees on U.S. exporters. Includes what is intended to be. White House fact sheet..
According to the White House, another provision seeks to limit equipment manufacturers from limiting the ability of people to repair equipment. Additional provisions prohibit or limit non-compete agreements, require the Department of Justice and the Federal Trade Commission to proactively enforce antitrust laws, and allow customers to download and carry bank data. The purpose is to encourage the issuance of.
In addition, according to the White House, the FTC will set Big Tech rules on surveillance and the accumulation of American personal data, as well as other rules to protect SMEs from unfair competition in the Internet market. Is encouraged.
In addition, the Federal Communications Commission is urged to restore Net neutralityThis means that your Internet service provider will not discriminate against certain content sent over the network. The FCC is also encouraged to limit ISP early termination fees and revive the development of “broadband nutrition labeling” that improves price transparency.
Biden will give a speech at 1:30 pm Eastern Standard Time and sign an executive order.
“We are taking decisive action to reduce the trend of business integration, intensify competition, and bring tangible benefits to American consumers, workers, farmers and small businesses,” the White House said. “Includes 72 initiatives,” he added. More than 12 federal agencies to quickly address some of the most pressing competitive issues in our economy as a whole. “
Orders for large companies Expected from last week.. A The Wall Street Journal Report On Thursday, the order revealed integration and anti-competitive pricing in the rail and shipping industry — Lower such stocks in Thursday session..
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