President Joe Biden is set to sign an executive order targeting tech, health care and other industries in which a few companies control the market. The order seeks to promote competition in the US economy through 72 initiatives supporting anti-trust efforts.
‘Big agriculture, big tech and big pharma and the list goes on – rather than competition for consumers, they are consuming their competitors,’ Biden said from the State Dining Room of the White House on Friday before signing the order.
‘Rather than competing for workers they are finding ways to gain the upper hand on labor.’
Biden’s order also encourages federal regulators to create new laws around data collection and user surveillance by tech companies. Biden is looking to restore net neutrality laws that former President Donald Trump got rid of in order to weaken broadband providers’ stronghold of the market.
The president’s order ‘will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth’, stated a White House fact sheet released on Friday morning.
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