The broad order is aimed at lowering the prices of prescription drugs, banning or restricting non-competitive deals, which the White House says hinder economic mobility and hit Big Tech and Internet service providers, among other provisions.
“Today, I will soon sign the executive order that promotes competition in lowering prices, raising wages and taking another critical step towards an economy that works for all,” Biden told the White House.
The president said: “The heart of American capitalism is a simple idea: Open and fair competition. This means that if your companies want to win your business, they have to go out and they have to start their game.”
“Let me be very clear: Capitalism without competition is not capitalism. Explicit exploitation,” Biden said.
The president said: “Without healthy competition, great players can change and charge what they want and treat you the way they want. And for many Americans it means accepting a bad deal for things without which “You can go. So we know we have a problem, a big problem. But we also have a tremendous opportunity.”
The order seeks to boost broadband competition by encouraging the Federal Communications Commission to re-establish a so-called “nutrition label” for ISPs that would give consumers clearer information about a provider’s services. He calls on the FCC to limit early termination fees and ban exclusive deals that currently restrict apartment buildings and other rental units to just one internet provider.
He also calls on the FCC to reinstate agency neutrality rules for broadband companies that would prevent them from selectively blocking, slowing down or speeding up websites. Those rules, passed during the Obama administration, were re-established under Trump’s FCC. Restoring the rules is likely to provoke another court battle over the issue.
It aims at a key Silicon Valley business model: Collecting and using large amounts of consumer data and stimulating technology companies with multiple business lines to promote their services at the expense of competition.
“We need to get back to an economy that is growing from the bottom up and out of the middle,” Biden said. “The executive order I will soon sign commits the federal government to the full and aggressive implementation of our antitrust laws. There is no more tolerance for abusive actions by monopolies, no more bad mergers leading to mass vacations, higher prices, more “few options for both workers and consumers.”
The paint had barely dried by order when some progressive groups began to raise the question of when the White House would fill a key antitrust position in the Department of Justice.
The Assistant Attorney General in the Antitrust Division is among the countless positions that have not yet been filled. This office is in charge of enforcing the comprehensive executive order.
“Can any of these be implemented effectively without an AAG for antitrust?” said a senior Democrat official, speaking on condition of anonymity to avoid direct criticism of the administration. “No, it is not possible.”
A senior White House official, when asked about the criticism, said there was no timeline for when a candidate for the post would be announced, who is now being filled by an acting assistant attorney general.
This position, among the many vacancies in government, is something we need to keep under control. There is little real control over the executive order – even among groups that fully support it.
Biden’s order also calls on the Federal Trade Commission to establish new rules on data collection and stop unfair competition in online markets. He also enacted a principle known as the “right to repair,” calling for FTC rules that prohibit technology manufacturers from suing independent repair shops or preventing consumers from attempting to repair their equipment.
Biden will also call on federal regulators to create rules to cut non-competitive deals and ban unnecessary professional licensing requirements that the White House says hinder economic mobility. The President will also encourage the FTC and the Department of Justice to strengthen antitrust guidelines to prevent employers from cooperating to print wages or reduce benefits by sharing payroll and benefit information with each other.
“Employees should be free to get a better job if someone offers it. If your employer wants to keep you, he or she should pay attention to your attitude. This is the kind of competition that leads to pay. better and greater dignity .work, “Biden said.
Biden’s executive order also continues a historic push by the Trump administration to allow states to import prescription drugs from Canada, where government regulations reduce the cost of medicines. He directs the Food and Drug Administration to work with states to safely import the drugs that Biden had backed during his presidential campaign.
However, many obstacles remain before this becomes a reality.
Several states, including Florida, have expressed interest in importing drugs as a way to reduce costs. But Canada has opposed the idea, and experts question whether the country has enough supply to make a significant impact on U.S. drug prices. Manufacturers have also filed a lawsuit to stop the effort.
The executive order also directs the Department of Health and Human Services to issue a plan within 45 days to combat high prescription drug prices and price increases. Congressional Democrats have also formulated efforts to lower drug prices, which is one of the main complaints Americans make about health care.
The executive order includes 72 initiatives by more than a dozen federal agencies, according to the White House. One of those initiatives is the direction of the U.S. Department of Health and Human Services to consider issuing proposed rules within 120 days to allow the sale of over-the-counter hearing aids.
“Once these rules take effect, a pair of hearing aids can cost hundreds of dollars, not thousands. And you will be able to buy them at your local pharmacy,” Biden said.
It also lowers transportation costs for companies and the cost of prescription drugs for Americans. He will direct the Department of Transportation to make rules that oblige airlines to refund your money when in-flight WiFi does not work. He also directs the USDA to issue new rules that provide new protections for farmers, and new rules that define “US Product” labels.
“Fair competition is what made America the richest, most innovative nation in history. That’s why people come here to invent things and start new businesses,” Biden said.
The president said: “In the race against China and other nations of the 21st century, let us show that American democracy and the American people can really compete with anyone, because I know that by only giving them half a chance, the American people will never they will never, ever leave their land. “
This story has been updated with additional information.