The White House said that President Biden is expected to sign an executive order on Friday aimed at breaking corporate dominance and promoting competition in the US economy.
The order marks Biden’s recent economic recovery efforts and will encourage more than a dozen federal agencies to take 72 actions and recommendations to resist monopoly strategies, especially in the technology industry.
A White House fact sheet shows that this move is aimed at shaping thinking around business mergers and antitrust laws, and creating a fairer market for the development of small businesses.
This ambitious order is expected to be signed at the White House at 1:30 p.m. Eastern Time. It may target agriculture, banking, healthcare, shipping, transportation, and most importantly, technology, Political report.
Brian Dess, Chief Economic Advisor to the White House Tell CNBC The market dominance of technology giants has led to a decline in innovation and “created major problems” around issues such as privacy and security provisions.
Diss said: “The impetus of this executive order is actually where we can encourage full competition.”
Deese said that when technology giants dominate the market, it creates obstacles to the growth of small businesses and restricts market competition. The order is expected to reverse this situation and encourage greater consumer protection and competition, while promoting greater access to fair markets.
“The primary goal of the executive order is to ensure that the president encourages competition across industries across the country,” White House Press Secretary Jen Psaki told reporters on Thursday.
