Friday, President Joe Biden signed an executive order that intends to push for competition in the economy in the United States, encouraging federal agencies to launch a wide span of measures like thoroughly examining Big Tech, permitting over-the-counter selling of hearing aids and bringing prescription drugs prices down.
“The heart of American capitalism is a simple idea: Open and fair competition,” the president said before he affixed his signature on the order. “That means if your companies want to win your business, they have to go out and they have got to up their game. Better prices and services, better ideas and products. The competition keeps the economy moving and it keeps it growing. A competitive economy must mean that companies do everything they can to compete for workers.”
The White House fact sheet said that the order covers 72 actions and recommendations that will promote competition and move to the betterment of labor practices in various industries like tech, transportation, financial services, and health care.
The order “will lower prices for families, increase wages for workers, and promote innovation and even faster economic growth,” according to the White House. It has a wide range of efforts including the encouragement for the Federal Trade Commission to “challenge prior bad mergers,” among others.
Furthermore, the new order also requested the FTC to forestall internet service providers from hitting an agreement with the landlords that will control the tenants’ choices. According to the White House, this move can stop broadband infrastructure step-up by new providers.
Most especially, the newly-signed order will support state and tribal measures for cheaper drug importation from Canada that will result in the lowering of drug prices as well as the availability of hearing aids sold over-the-counter at drug stores, FOX Business reported.
“Let me be very clear: Capitalism without competition isn’t capitalism. It’s exploitation,” Biden said. “Without healthy competition, big players can change and charge whatever they want and treat you however they want. And for too many Americans that means accepting a bad deal for things you can’t go without. So, we know we’ve got a problem, a major problem. But we also have an incredible opportunity.”
