7/9, 1:00 PM (Source: TeleTrader)
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Biden signs order 'to promote competition in US economy'

United States President Joe Biden signed on Friday an executive order on a "whole-of-government effort to promote competition in the American economy," including "72 initiatives by more than a dozen federal agencies to promptly tackle some of the most pressing competition problems across our economy." The order calls on the Department of Justice (DoJ) and Federal Trade Commission (FTC) to enforce the antitrust laws "vigorously" and "challenge prior bad mergers" approved by previous administrations. It also calls for enforcement focus on labor markets, agricultural markets, healthcare markets, and the tech sector, and establishes a White House Competition Council to coordinate the government's response.

According to the White House, the order will ban or limit non-compete agreements, lower the price of prescription drugs, as well as increase transparency and end certain practices used by internet service providers, airlines, banks and manufacturers seen as detrimental to customers.

Breaking the News / DJ