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Biden to sign sweeping order to boost competition in the U.S. economy
Biden will sign a sweeping executive order aimed at cracking down on corporate consolidation and encouraging competition in the U.S. economy.
Economy
WASHINGTON — President Joe Biden plans to sign a sweeping executive order Friday aimed at cracking down on corporate consolidation and encouraging competition in the U.S. economy, the White House said.
The executive order includes 72 initiatives across more than a dozen government agencies that address anti-competitive practices in the health care, transportation, banking and tech industries, according to a White House release.
Families across the country are paying high prices for such things as internet service, prescription drugs and hearing aids, the White House said. Biden’s executive order seeks to ultimately “lower prices for families, increase wages for workers, and promote innovation and even faster economic growth,” it said.
Under the order, the federal government would ban or limit non-compete agreements to make it easier for people to switch jobs. It encourages the Federal Communications Commission to ban “excessive” fees for early termination of internet service and to prevent these providers from “making deals with landlords that limit tenants’ choices,” the fact sheet said.
The order will also direct the Department of Transportation to issue rules that require airlines to clearly disclose fees on luggage and flight changes and requiring they refund fees when service isn’t provided or baggage is delayed.
To reduce health care costs, the order will ask the FDA to work with states and tribes to import prescription drugs from Canada. It will also direct the Department of Health and Human Services to propose rules that would allow hearing aids to be sold over the counter.