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On August 29, 2020, a sign is seen at the Federal Trade Commission headquarters in Washington, D.C., United States. ANDREW KELLY/REUTERS Reuters, WASHINGTON, July 9 – According to a fact sheet published by the White House, President Joe Biden will sign an executive order on Friday that includes 72 actions that he wants over a dozen departments to implement to foster competition throughout the US economy. The directive targets corporate monopolies in a wide range of industries, including technology, finance, and aviation, and requires government agencies to evaluate how their choices may affect industry competition. According to the White House fact sheet, “inadequate competition stifles economic growth and innovation.” “Since the 1970s, the rate of new business creation has dropped by about half, as giant corporations make it more difficult for Americans with solid ideas to break into markets.” Biden’s plan to issue a competition executive order was originally reported by Reuters in late June. Details on the administration’s particular policies, which will affect industries like farm equipment makers, banks, and the labor market, have subsequently emerged. find out more Directing the Department of Justice (DOJ) and the Federal Trade Commission (FTC) to carefully scrutinize mergers that leave fewer options for small firms, as well as directing the agencies to rigorously enforce antitrust laws, are some of the measures in the executive order. It instructs the FTC to establish guidelines to address Big Tech’s competition concerns, as well as to prohibit or limit non-compete agreements. In a number of areas, including the tractor industry, the directive also invites the FTC to develop rules prohibiting manufacturers from impeding consumers’ ability to repair their own devices or equipment. The order also creates a White House Competition Council, which will be overseen by the Director of the National Economic Council, to track success on the order’s provisions. At 1:30 p.m. ET, Biden will offer remarks and sign the executive order (1730 GMT). Nandita Bose and Jarrett Renshaw in Washington contributed reporting, and Chizu Nomiyama edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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