July 31, 2021
Economy

Biden signs order to promote competition in US economy – Newspaper

WASHINGTON: President Joe Biden signed a sweeping executive order on Friday to promote more competition in the US economy, urging agencies to crack down on anti-competitive practices in sectors from agriculture to drugs and labour.

If fully implemented, the effort will help lower Americans’ internet costs, allow for airline baggage fee refunds for delayed luggage and cut some prescription drug prices, among many other steps.

Biden said the order “commits the federal government to full and aggressive enforcement of our antitrust laws.” “No more tolerance of abusive actions by monopolies. No more bad mergers that lead to massive layoffs, higher prices and fewer options for workers and consumers alike,” he said before signing the order.

The White House says the rate of new business formation has fallen by almost 50% since the 1970s as large businesses make it harder for…

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