Biden to Sign Executive Order Targeting ‘Lack of Competition’ in American Economy
President Joe Biden will sign an executive order aimed at increasing competition in the U.S. economy, the White House said Friday. “For decades, corporate consolidation has been accelerating. In over 75 percent of U.S. industries, a smaller number of large companies now control more of the business than they did 20 years ago. This is true across healthcare, financial services, agriculture, and more,” the White House said in a fact sheet released before the signing ceremony. “That lack of competition drives up prices for consumers. As fewer large players have controlled more of the market, mark-ups (charges over cost) have tripled (pdf). Families are paying higher prices for necessities—things like prescription drugs, hearing aids, and internet service.” The order includes 72 initiatives by over a dozen federal agencies that will help promote competition, the Biden administration says. That includes making it easier to change jobs and raise wages by banning …
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