Joe Biden will sign a major executive order to curb job search and promote competition in the U.S. economy, including a push for antitrust regulators to ban non-compete clauses for workers.
On Friday the White House unveiled 72 measures included in the Biden order, spanning the industries from technology and transportation to health care and banking, which were designed to limit the ability of companies to unfairly increase their market power to the detriment of smaller rivals.
The U.S. president also called for stronger enforcement of existing U.S. antitrust laws, which could lead to more scrutiny of mergers and acquisitions.
“Economists find that as competition decreases, productivity growth slows, business investment and innovation decline, and income, wealth and racial inequality widen,” the White House said in the statement. information on the executive order.
“When past presidents have faced similar threats from the growing power of the company, they have taken bold actions,” he added, citing the efforts of Theodore Roosevelt and Franklin Delano Roosevelt in the early part of the 20th century.
The Biden administration’s push on competition includes a provision to “encourage” the Federal Trade Commission, the first regulator of the competition chaired by Big Tech critic Lina Khan, to “ban or limit” non-compete clauses to make it “easier to change jobs and help raise wages.”
Other measures include a plan to curb manufacturers ’ability to prevent customers from seeking their own repairs on certain products, and a ban on excessive termination costs for internet bills.
Acoustic devices will be allowed to be sold without a prescription in drug stores, while customers of airlines will find it easier to obtain them. refunds, and bank customers will be able to transfer their data to other providers with less difficulty than they currently do.
Biden’s order also directs the U.S. Food and Drug Administration to work with states and tribes. import medicines prescribed by Canada, the latest offer to lower the costs of medicine.
The executive order comes when the Biden administration faces criticism from Republicans that its $ 1.9 billion stimulus plan has fueled inflation and increased the cost of living for American consumers.
But it is also consistent with the U.S. president’s efforts to shift the balance of power in the U.S. economy away from corporations and large corporations to smaller businesses and lower-class households and media.
It is unclear, however, how much of Biden’s plan will actually be implemented in the way the White House hopes. Many of the provisions are encouraged but not mandated, and will be more powerful if enacted into law.