UPDATED 6:21 PM PT – Friday, July 9, 2021
Joe Biden recently announced a wide-ranging executive order aimed at boosting competition in the economy. Biden signed the order at the White House on Friday, which is comprised of 72 specific actions for more than a dozen federal agencies.
This includes limiting the cost of prescription drugs and banning or restricting noncomplete agreements. Biden claimed less competition and more concentration holds the U.S. economy back in Big Tech, Big Agriculture and Big Pharma.
To keep our country moving, we have to bring fair competition back to this economy. That’s why today, I’m signing an Executive Order promoting competition.
It’ll lower prices, increase wages, and take another critical step toward an economy that works for everyone.
— President Biden (@POTUS) July 9, 2021
“Rather than competing for workers, they are finding ways to gain the upper hand on labor. And too often the government has actually made it harder for new companies to break in and compete,” said Biden.
The White House claimed the executive order will promote competition in labor markets in order to raise wages, allow workers to change jobs and to move in between states.