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President Biden signs Executive Order with sweeping impact on US economy

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President Joe Biden has signed a sweeping Executive Order to promote more competition in the United States economy, urging agencies to crack down on anti-competitive practices in their sectors from agriculture to drugs and labour.

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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.

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Biden said the order “commits the federal government to full and aggressive enforcement of our antitrust laws.”

The President noted areas where many advocates feel that prices are too high, wages are tamped down or new businesses are excluded from the competition. “Let me be very clear, capitalism without competition isn’t capitalism, it’s exploitation,” he said.

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 Americans with good ideas to break into markets.